Northland Securities Reiterates Buy Rating for Chegg, Inc. (CHGG)

Chegg, Inc. (NYSE:CHGG)‘s stock had its “buy” rating reissued by research analysts at Northland Securities in a research report issued to clients and investors on Friday. They currently have a $16.00 target price on the technology company’s stock. Northland Securities’ target price suggests a potential upside of 13.15% from the company’s current price.

Several other research analysts have also weighed in on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Chegg in a report on Friday, June 23rd. Craig Hallum upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, April 4th. Lake Street Capital reiterated a “buy” rating and set a $12.00 price objective (up from $9.00) on shares of Chegg in a report on Tuesday, May 2nd. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Friday, May 5th. Finally, ValuEngine upgraded shares of Chegg from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $12.79.

Shares of Chegg (NYSE CHGG) opened at 14.14 on Friday. Chegg has a 1-year low of $5.40 and a 1-year high of $15.37. The stock has a 50 day moving average of $12.89 and a 200-day moving average of $9.94. The stock’s market capitalization is $1.35 billion.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. Chegg had a negative return on equity of 8.14% and a negative net margin of 11.83%. The firm had revenue of $56.30 million for the quarter, compared to analyst estimates of $53.33 million. During the same period in the prior year, the business earned $0.05 earnings per share. Chegg’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts predict that Chegg will post $0.24 earnings per share for the current fiscal year.

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In related news, insider Nathan J. Schultz sold 45,828 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $9.10, for a total value of $417,034.80. Following the transaction, the insider now owns 643,157 shares in the company, valued at $5,852,728.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $14.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the insider now owns 678,760 shares in the company, valued at approximately $9,502,640. The disclosure for this sale can be found here. Insiders sold 562,484 shares of company stock worth $6,954,404 in the last 90 days. 20.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Emerald Advisers Inc. PA raised its position in Chegg by 7.9% in the second quarter. Emerald Advisers Inc. PA now owns 2,511,894 shares of the technology company’s stock valued at $30,871,000 after buying an additional 183,780 shares during the last quarter. Hamilton Lane Advisors LLC acquired a new position in Chegg during the second quarter valued at approximately $2,483,000. Parkwood LLC raised its position in Chegg by 8.1% in the second quarter. Parkwood LLC now owns 14,141 shares of the technology company’s stock valued at $174,000 after buying an additional 1,064 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Chegg during the second quarter valued at approximately $8,218,000. Finally, Russell Investments Group Ltd. raised its position in Chegg by 423.2% in the second quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock valued at $25,833,000 after buying an additional 1,700,195 shares during the last quarter. Hedge funds and other institutional investors own 77.35% of the company’s stock.

Chegg Company Profile

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.