Chegg Inc (CHGG) Gets a Buy Rating from Northland Securities

By Austin Angelo

Northland Securities analyst Michael Grondahl maintained a Buy rating on Chegg Inc (CHGGResearch Report) today and set a price target of $48. The company’s shares closed last Monday at $34.

Grondahl said:

“We believe CHGG does a nice job of bringing new students onto the platform, specifically during the beginning of the fall semester with students heading back to college. We also found based on talking to 20 students (as 11 students highlighted a more restrictive password situation) that it appears CHGG has gotten more stringent over time with password sharing.”

According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 14.9% and a 58.1% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Chegg Inc with a $49.33 average price target, which is a 48.0% upside from current levels. In a report issued on September 9, Jefferies also upgraded the stock to Buy with a $44 price target.

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The company has a one-year high of $48.22 and a one-year low of $22.67. Currently, Chegg Inc has an average volume of 1.69M.

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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.