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

Chegg, Inc. (NYSE:CHGG)’s stock price 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.

Several equities research analysts recently commented on the stock. Jefferies Financial Group dropped their price objective on shares of Chegg from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, December 13th. KeyCorp dropped their price objective on shares of Chegg from $56.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, January 10th. TheStreet downgraded shares of Chegg from a “c-” rating to a “d+” rating in a research note on Tuesday, November 16th. Citigroup downgraded shares of Chegg from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $117.00 to $50.00 in a research note on Tuesday, November 2nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, November 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $70.71.

The company has a quick ratio of 13.64, a current ratio of 13.65 and a debt-to-equity ratio of 1.24. The firm’s fifty day moving average price is $28.69 and its two-hundred day moving average price is $58.99. The stock has a market capitalization of $4.19 billion, a PE ratio of -482.25, a PEG ratio of 2.26 and a beta of 0.91.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Sunday, October 31st. The technology company reported $0.20 earnings per share for the quarter, beating the 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 analysts’ expectations of $173.79 million. During the same period in the previous year, the company earned $0.17 earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts predict that Chegg, Inc. will post 0.59 EPS for the current year.

In other Chegg news, CEO Daniel Rosensweig bought 25,000 shares of Chegg stock in a transaction 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ted Schlein bought 35,470 shares of Chegg stock in a transaction on Thursday, December 2nd. The shares were acquired at an average cost of $28.54 per share, with a total value of $1,012,313.80. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sycomore Asset Management boosted its position in shares of Chegg by 69.6% in the fourth quarter. Sycomore Asset Management now owns 213,086 shares of the technology company’s stock worth $6,239,000 after purchasing an additional 87,461 shares during the period. Gyon Technologies Capital Management LP bought a new position in shares of Chegg in the third quarter worth approximately $364,000. Centiva Capital LP boosted its position in shares of Chegg by 32.2% in the third quarter. Centiva Capital LP now owns 22,226 shares of the technology company’s stock worth $1,512,000 after purchasing an additional 5,415 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Chegg in the third quarter worth approximately $449,000. Finally, Sylebra Capital Ltd boosted its position in shares of Chegg by 12.1% in the third quarter. Sylebra Capital Ltd now owns 1,144,377 shares of the technology company’s stock worth $77,841,000 after purchasing an additional 123,363 shares during the period. Institutional investors and hedge funds own 93.76% of the company’s stock.

About Chegg (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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