Learning Platform Chegg Boosts Stock Buyback

by Shivani Kumaresan, Benzinga Staff Writer

June 3, 2022 6:58 AM | 1 min read |

Chegg Inc CHGG board of directors has authorized the increase of its previously announced $1 billion securities repurchase program, up to an aggregate of $2 billion of common stock and/or convertible notes.
In addition to the increased $1 billion repurchase authorization, Chegg has about $65 million remaining from its previous $1 billion buyback approval.
The repurchase program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time.
Chegg expects to fund the repurchase program from its existing cash balance and future cash flows from operations.
The company held $270 million in cash and equivalents as of March 31, 2022.
Price Action: CHGG shares closed higher by 9.12% at $20.45 on Thursday.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.