Chegg (NYSE:CHGG) Shares Gap Up to $29.03

Chegg, Inc. (NYSE:CHGG) shares gapped up before the market opened on Thursday . The stock had previously closed at $29.03, but opened at $30.57. Chegg shares last traded at $30.00, with a volume of 12,101 shares changing hands.

A number of equities analysts have recently issued reports on the stock. Raymond James cut shares of Chegg from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 2nd. KeyCorp cut their price objective on shares of Chegg from $56.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, January 10th. TheStreet cut shares of Chegg from a “c-” rating to a “d+” rating in a research report on Tuesday, November 16th. Northland Securities lowered shares of Chegg from an “outperform” rating to a “market perform” rating and set a $53.00 target price on the stock. in a report on Tuesday, November 2nd. Finally, BMO Capital Markets restated a “hold” rating on shares of Chegg in a report on Tuesday, November 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus target price of $70.71.

The company has a debt-to-equity ratio of 1.24, a quick ratio of 13.64 and a current ratio of 13.65. The stock has a market cap of $4.19 billion, a PE ratio of -482.25, a price-to-earnings-growth ratio of 2.26 and a beta of 0.91. The company’s 50 day simple moving average is $28.69 and its 200 day simple moving average is $58.99.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Sunday, October 31st. The technology company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Chegg had a net margin of 0.04% and a return on equity of 11.02%. The firm had revenue of $171.90 million during the quarter, compared to analyst estimates of $173.79 million. During the same quarter last year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts expect that Chegg, Inc. will post 0.59 earnings per share for the current year.

In related news, Director Ted Schlein purchased 35,470 shares of the firm’s stock in a transaction dated Thursday, December 2nd. The stock was bought at an average price of $28.54 per share, for a total transaction of $1,012,313.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel Rosensweig acquired 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 1st. The stock was acquired at an average cost of $28.52 per share, with a total value of $713,000.00. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Chegg by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 12,230,810 shares of the technology company’s stock worth $1,016,503,000 after buying an additional 60,665 shares during the period. Alliancebernstein L.P. boosted its holdings in Chegg by 74.1% in the 3rd quarter. Alliancebernstein L.P. now owns 9,956,973 shares of the technology company’s stock worth $677,273,000 after buying an additional 4,237,498 shares during the period. Neuberger Berman Group LLC boosted its holdings in Chegg by 27.2% in the 2nd quarter. Neuberger Berman Group LLC now owns 2,322,661 shares of the technology company’s stock worth $193,031,000 after buying an additional 496,464 shares during the period. Sands Capital Management LLC boosted its holdings in Chegg by 1.1% in the 3rd quarter. Sands Capital Management LLC now owns 1,728,471 shares of the technology company’s stock worth $117,571,000 after buying an additional 19,379 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Chegg by 4.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,727,388 shares of the technology company’s stock worth $117,496,000 after buying an additional 78,874 shares during the period. 93.76% of the stock is owned by institutional investors.

Chegg Company Profile (NYSE:CHGG)

Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.

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