Analysts Set Chegg, Inc. (NYSE:CHGG) Target Price at $4.69

Shares of Chegg, Inc. (NYSE:CHGG) have been assigned an average rating of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $4.69.

A number of equities research analysts have recently issued reports on CHGG shares. Craig Hallum reduced their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Northland Securities cut their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, Piper Sandler lowered their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th.

Institutional Trading of Chegg

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Chegg in the 2nd quarter worth about $99,000. Bank of New York Mellon Corp boosted its position in shares of Chegg by 4.9% in the second quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock worth $1,548,000 after acquiring an additional 22,843 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Chegg by 23,988.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after purchasing an additional 943,703 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Chegg by 117.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,523 shares of the technology company’s stock worth $198,000 after purchasing an additional 33,733 shares during the period. Finally, Adero Partners LLC acquired a new position in shares of Chegg in the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Trading Down 6.8 %

Shares of CHGG stock opened at $1.65 on Thursday. The business’s fifty day moving average price is $1.92 and its 200 day moving average price is $2.28. The firm has a market capitalization of $172.11 million, a PE ratio of -0.21 and a beta of 1.36. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg has a 1-year low of $1.34 and a 1-year high of $11.48.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The business had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the prior year, the company posted ($0.07) EPS. The business’s revenue for the quarter was down 13.5% on a year-over-year basis. As a group, sell-side analysts forecast that Chegg will post 0.12 EPS for the current fiscal year.

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.