Needham analyst Ryan MacDonald assigned a Buy rating to Chegg (CHGG) today and set a price target of $100.00. The company’s shares closed last Monday at $70.79.
According to TipRanks.com, MacDonald is a top 100 analyst with an average return of 33.6% and a 75.0% success rate. MacDonald covers the Technology sector, focusing on stocks such as Verint Systems, ChannelAdvisor, and Coupa Software.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Chegg with a $95.25 average price target, implying a 35.6% upside from current levels. In a report issued on September 15, Barrington also reiterated a Buy rating on the stock with a $95.00 price target.
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Based on Chegg’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $153 million and net profit of $10.59 million. In comparison, last year the company earned revenue of $93.86 million and had a GAAP net loss of $2.03 million.
Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CHGG in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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. Its services include Chegg study, writing, tutors, and math solver. The company was founded by Osman Rashid and Aayush Phumbhra on July 29, 2005 and is headquartered in Santa Clara, CA.
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