Chegg (CHGG) Received its Third Buy in a Row

After Northland Securities and Barrington gave Chegg (NYSE: CHGG) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Ryan MacDonald maintained a Buy rating on Chegg today and set a price target of $50.00. The company’s shares closed last Monday at $36.52.

According to TipRanks.com, MacDonald is a 5-star analyst with an average return of 15.4% and a 64.0% success rate. MacDonald covers the Technology sector, focusing on stocks such as Verint Systems, ChannelAdvisor, and Coupa Software.

Currently, the analyst consensus on Chegg is a Strong Buy with an average price target of $45.00, a 25.3% upside from current levels. In a report issued on November 4, Northland Securities also assigned a Buy rating to the stock with a $44.00 price target.

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Based on Chegg’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $11.48 million. In comparison, last year the company had a GAAP net loss of $13.71 million.

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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.