Chegg (NYSE:CHGG) Price Target Cut to $3.00 by Analysts at Northland Securities

Chegg (NYSE:CHGG) had its price objective lowered by Northland Securities from $4.00 to $3.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a market perform rating on the technology company’s stock.

Several other research firms have also recently issued reports on CHGG. Morgan Stanley decreased their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Piper Sandler reduced their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Finally, StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, Chegg presently has an average rating of “Hold” and an average target price of $4.97.

Chegg Stock Down 11.0 %

NYSE:CHGG opened at $1.58 on Wednesday. The company has a market cap of $161.00 million, a price-to-earnings ratio of -0.20, a P/E/G ratio of 0.63 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s fifty day moving average price is $1.71 and its two-hundred day moving average price is $2.74. Chegg has a 52-week low of $1.34 and a 52-week high of $11.48.

Institutional Trading of Chegg

A number of large investors have recently made changes to their positions in CHGG. Millennium Management LLC increased its holdings in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after acquiring an additional 1,361,710 shares in the last quarter. AQR Capital Management LLC raised its holdings in Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after buying an additional 2,130,998 shares during the period. Comerica Bank lifted its stake in Chegg by 349.4% in the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock valued at $344,000 after buying an additional 35,290 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after buying an additional 75,751 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after acquiring an additional 433,709 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.