Chegg (NYSE:CHGG) insider Nathan J. Schultz sold 17,272 shares of the business’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $24.50, for a total value of $423,164.00. Following the completion of the sale, the insider now directly owns 822,871 shares in the company, valued at approximately $20,160,339.50. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Chegg stock traded up $0.43 on Tuesday, reaching $24.94. The company’s stock had a trading volume of 1,709,156 shares, compared to its average volume of 1,379,540. The firm has a market cap of $2.68 billion, a P/E ratio of -277.11, a P/E/G ratio of 16.47 and a beta of 1.42. Chegg has a twelve month low of $11.25 and a twelve month high of $25.07.
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Chegg (NYSE:CHGG) last posted its quarterly earnings data on Thursday, April 26th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $76.95 million for the quarter, compared to analyst estimates of $74.15 million. Chegg had a negative return on equity of 0.95% and a negative net margin of 6.12%. The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.06 earnings per share. equities analysts forecast that Chegg will post 0.06 EPS for the current year.
Chegg declared that its board has approved a share repurchase program on Wednesday, March 28th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 0.9% of its shares through a private placement purchase. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several brokerages recently commented on CHGG. ValuEngine raised Chegg from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. Zacks Investment Research lowered Chegg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 1st. Citigroup boosted their price target on Chegg from $22.70 to $24.00 and gave the company a “hold” rating in a research note on Monday, April 30th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Chegg in a research note on Friday, April 27th. Finally, Morgan Stanley boosted their price target on Chegg from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Friday, April 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $19.82.
A number of institutional investors have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. boosted its stake in Chegg by 4.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 431,541 shares of the technology company’s stock worth $8,916,000 after purchasing an additional 16,713 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in Chegg by 16.0% in the first quarter. Stephens Investment Management Group LLC now owns 770,817 shares of the technology company’s stock worth $15,925,000 after purchasing an additional 106,310 shares in the last quarter. Swiss National Bank boosted its stake in Chegg by 7.2% in the first quarter. Swiss National Bank now owns 160,900 shares of the technology company’s stock worth $3,324,000 after purchasing an additional 10,800 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Chegg by 13.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 31,646 shares of the technology company’s stock worth $654,000 after purchasing an additional 3,871 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Chegg in the first quarter worth $137,000.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.