Chegg (NYSE:CHGG) Price Target Lowered to $1.50 at Piper Sandler

Chegg (NYSE:CHGG) had its price objective cut by Piper Sandler from $2.00 to $1.50 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other research firms have also commented on CHGG. Morgan Stanley reduced their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Northland Securities reduced their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Craig Hallum cut their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and cut their target price for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, Chegg currently has an average rating of “Hold” and a consensus price target of $4.69.

Chegg Stock Performance

Chegg stock opened at $1.72 on Thursday. The stock’s 50 day moving average price is $1.70 and its 200 day moving average price is $2.66. The firm has a market capitalization of $179.41 million, a PE ratio of -0.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.89 and a current ratio of 0.91. Chegg has a one year low of $1.34 and a one year high of $11.48.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.07) EPS. As a group, sell-side analysts expect that Chegg will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Institutional investors have recently made changes to their positions in the company. Gladius Capital Management LP bought a new position in Chegg during the 2nd quarter worth $27,000. Allspring Global Investments Holdings LLC bought a new position in Chegg during the 1st quarter worth $30,000. Adero Partners LLC bought a new position in Chegg during the 2nd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. grew its stake in 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 buying an additional 18,320 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Chegg during the 3rd quarter worth $56,000. 95.18% of the stock is currently owned by institutional investors.

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.