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

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

A number of other equities analysts have also issued reports on CHGG. StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Piper Sandler lowered their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Craig Hallum lowered their target price on shares of Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $7.00 to $3.75 in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, Chegg currently has an average rating of “Hold” and a consensus price target of $4.69.

Chegg Stock Up 0.6 %

CHGG stock opened at $1.72 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The company’s 50 day moving average is $1.70 and its two-hundred day moving average is $2.68. The stock has a market cap of $179.41 million, a P/E ratio of -0.22, a PEG ratio of 0.56 and a beta of 1.32.

Chegg (NYSE:CHGG) last released its quarterly earnings data 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. The company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) earnings per share. Research analysts expect that Chegg will post 0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Institutional investors have recently made changes to their positions in the stock. Gladius Capital Management LP purchased a new stake in shares of Chegg during the 2nd quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the 1st quarter worth $30,000. Adero Partners LLC purchased a new stake in shares of Chegg during the 2nd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Chegg by 272.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Chegg during the 3rd quarter worth $56,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Company Profile

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.