Chegg (CHGG) Received its Third Buy in a Row

After Piper Sandler and Raymond James gave Chegg (NYSE: CHGG) a Buy rating last month, the company received another Buy, this time from Barrington. Analyst Alexander Paris 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, Paris is a 5-star analyst with an average return of 15.4% and a 53.0% success rate. Paris covers the Services sector, focusing on stocks such as Universal Technical Institute, American Public Education, and Adtalem Global Education.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Chegg with a $112.43 average price target, which is a 31.1% upside from current levels. In a report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $107.00 price target.

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Based on Chegg’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $206 million and net profit of $26.04 million. In comparison, last year the company earned revenue of $126 million and had a net profit of $8.22 million.

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.