Zacks Investment Research lowered shares of Chegg (NYSE:CHGG) from a hold rating to a sell rating in a report released on Thursday morning.
According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “
Several other equities analysts have also recently issued reports on the company. Barrington Research reissued an outperform rating and issued a $22.00 price objective (up previously from $19.00) on shares of Chegg in a report on Tuesday, February 13th. JPMorgan Chase & Co. boosted their price objective on Chegg from $18.00 to $20.00 and gave the company an overweight rating in a report on Tuesday, February 13th. Lake Street Capital boosted their price objective on Chegg from $15.00 to $16.00 and gave the company a hold rating in a report on Tuesday, February 13th. BMO Capital Markets reissued a buy rating and issued a $20.00 price objective on shares of Chegg in a report on Wednesday, January 17th. Finally, Northland Securities reissued a buy rating and issued a $20.00 price objective on shares of Chegg in a report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $17.09.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The business had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. Chegg had a negative return on equity of 2.64% and a negative net margin of 7.95%. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. research analysts anticipate that Chegg will post 0.11 earnings per share for the current year.
In related news, insider Michael A. Osier sold 200,000 shares of Chegg stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the transaction, the insider now owns 653,061 shares in the company, valued at approximately $9,959,180.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Esther Lem sold 9,400 shares of Chegg stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $17.00, for a total value of $159,800.00. Following the completion of the transaction, the insider now owns 505,120 shares of the company’s stock, valued at approximately $8,587,040. The disclosure for this sale can be found here. In the last 90 days, insiders sold 935,989 shares of company stock valued at $15,637,038. 20.40% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. TIAA CREF Investment Management LLC increased its stake in shares of Chegg by 6.1% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 13,011 shares in the last quarter. Swiss National Bank increased its stake in shares of Chegg by 30.9% in the 3rd quarter. Swiss National Bank now owns 150,100 shares of the technology company’s stock valued at $2,227,000 after purchasing an additional 35,400 shares in the last quarter. Columbus Circle Investors purchased a new position in shares of Chegg in the 3rd quarter valued at about $14,234,000. 1492 Capital Management LLC purchased a new position in shares of Chegg in the 3rd quarter valued at about $453,000. Finally, California Public Employees Retirement System purchased a new position in shares of Chegg in the 2nd quarter valued at about $408,000.
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Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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