What's Going On With Chegg Stock Today?
Portfolio Pulse from Adam Eckert
Chegg Inc (NYSE:CHGG) shares are trading higher after the company increased its share buyback program by $200 million. The company had approximately $89 million remaining on the buyback before authorizing the additional $200 million. The repurchase program has no expiration date and the company plans to fund any repurchases with its existing cash balance and future cash flow from operations.
August 17, 2023 | 12:40 pm
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Chegg's decision to increase its share buyback program by $200 million has led to a rise in its share price. The company plans to fund the repurchases with its existing cash balance and future cash flow from operations.
Share buybacks often lead to a rise in the share price as they reduce the number of shares in circulation, thereby increasing earnings per share. This is a positive development for Chegg and shows the company's confidence in its financial position and future cash flows.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100