Chegg (NYSE:CHGG – Get Rating) is scheduled to announce its earnings results after the market closes on Monday, May 1st. Analysts expect the company to announce earnings of $0.26 per share for the quarter. Chegg has set its FY 2023 guidance at EPS and its Q1 2023 guidance at EPS.Investors interested in participating in the company’s conference call can do so using this link.
Chegg (NYSE:CHGG – Get Rating) last released its quarterly earnings results on Monday, February 6th. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.38 by $0.02. Chegg had a net margin of 34.77% and a return on equity of 6.41%. The business had revenue of $205.19 million for the quarter, compared to the consensus estimate of $202.10 million. During the same period in the prior year, the company posted $0.19 earnings per share. Chegg’s revenue was down 1.1% compared to the same quarter last year. On average, analysts expect Chegg to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.
Chegg Trading Down 0.6 %
CHGG stock opened at $18.48 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 8.24 and a current ratio of 8.24. The company’s 50-day simple moving average is $16.46 and its 200 day simple moving average is $21.65. Chegg has a 52 week low of $15.25 and a 52 week high of $30.05. The company has a market capitalization of $2.34 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 5.43 and a beta of 1.14.
Analyst Ratings Changes
A number of equities research analysts have issued reports on CHGG shares. Needham & Company LLC downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, January 18th. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a report on Wednesday, March 22nd. KeyCorp raised shares of Chegg from a “sector weight” rating to an “overweight” rating and set a $29.00 target price for the company in a report on Thursday, January 19th. Barrington Research dropped their target price on shares of Chegg from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, February 7th. Finally, Piper Sandler dropped their target price on shares of Chegg from $24.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, February 7th. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $22.64.
Insider Transactions at Chegg
In other news, COO Nathan J. Schultz sold 4,041 shares of Chegg stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $15.64, for a total value of $63,201.24. Following the completion of the sale, the chief operating officer now owns 224,637 shares in the company, valued at approximately $3,513,322.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Chegg news, CMO Esther Lem sold 5,700 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $16.86, for a total transaction of $96,102.00. Following the sale, the chief marketing officer now directly owns 171,300 shares of the company’s stock, valued at $2,888,118. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Nathan J. Schultz sold 4,041 shares of the stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the completion of the sale, the chief operating officer now directly owns 224,637 shares in the company, valued at $3,513,322.68. The disclosure for this sale can be found here. Corporate insiders own 2.25% of the company’s stock.
Institutional Investors Weigh In On Chegg
Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Middle East FZE bought a new position in Chegg during the fourth quarter valued at approximately $162,000. State of Tennessee Treasury Department purchased a new position in shares of Chegg during the 4th quarter valued at about $182,000. Ashford Capital Management Inc. lifted its holdings in Chegg by 7.3% in the 4th quarter. Ashford Capital Management Inc. now owns 850,267 shares of the technology company’s stock worth $21,486,000 after purchasing an additional 57,790 shares in the last quarter. Chimera Capital Management LLC increased its stake in Chegg by 66.8% in the 4th quarter. Chimera Capital Management LLC now owns 36,808 shares of the technology company’s stock worth $930,000 after acquiring an additional 14,746 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Chegg by 6,630.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 861,500 shares of the technology company’s stock valued at $21,770,000 after purchasing an additional 848,700 shares during the last quarter. 92.88% of the stock is owned by hedge funds and other institutional investors.
About Chegg
Chegg, Inc operates a 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.