Chegg (CHGG) Received its Third Buy in a Row

After Barrington and Piper Sandler gave Chegg (NYSE: CHGG) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Ryan MacDonald reiterated a Buy rating on Chegg today and set a price target of $120.00. The company’s shares closed last Tuesday at $82.65.

According to TipRanks.com, MacDonald is a top 100 analyst with an average return of 41.4% and a 70.3% success rate. MacDonald covers the Technology sector, focusing on stocks such as ChannelAdvisor, Coupa Software, and Verint Systems.

Chegg has an analyst consensus of Strong Buy, with a price target consensus of $112.43, which is a 31.1% upside from current levels. In a report issued on April 28, Barrington also reiterated a Buy rating on the stock with a $120.00 price target.

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The company has a one-year high of $115.21 and a one-year low of $41.24. Currently, Chegg has an average volume of 1.81M.

Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CHGG in relation to earlier this year.

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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. 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.