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

Chegg, Inc. (NYSE:CHGG) has been given an average recommendation of “Reduce” by the ten analysts that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $4.50.

CHGG has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. The Goldman Sachs Group reduced their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.25 target price (down previously from $2.00) on shares of Chegg in a research note on Tuesday. Finally, Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th.

Hedge Funds Weigh In On Chegg

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Chegg by 4.9% during 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 purchasing an additional 22,843 shares during the period. Rhumbline Advisers increased its holdings in Chegg by 7.1% during the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock valued at $579,000 after purchasing an additional 12,153 shares during the period. Victory Capital Management Inc. raised its position in Chegg by 939.4% during the 2nd quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock valued at $1,566,000 after purchasing an additional 447,784 shares during the last quarter. Headlands Technologies LLC lifted its holdings in Chegg by 6,994.3% in the 2nd quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock worth $103,000 after buying an additional 32,104 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after buying an additional 11,992 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.54 on Monday. The stock’s 50-day simple moving average is $1.92 and its two-hundred day simple moving average is $2.11. Chegg has a twelve month low of $1.34 and a twelve month high of $11.25. The firm has a market capitalization of $160.63 million, a P/E ratio of -0.19 and a beta of 1.40. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate 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 company 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 business earned ($0.07) earnings per share. Chegg’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, equities analysts anticipate 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.