Chegg’s (CHGG) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Chegg (NYSE:CHGG) in a research note published on Thursday,Benzinga reports.

A number of other equities research analysts also recently commented on the company. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Northland Securities lowered their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group reduced their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Craig Hallum decreased their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler lowered their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, Chegg presently has an average rating of “Hold” and a consensus price target of $4.50.

Chegg Trading Down 3.6 %

NYSE:CHGG opened at $1.49 on Thursday. The company has a market cap of $154.90 million, a PE ratio of -0.19 and a beta of 1.40. Chegg has a 52 week low of $1.34 and a 52 week high of $10.80. The business’s 50 day moving average is $1.91 and its two-hundred day moving average is $2.09. 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 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. 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 quarter last year, the company earned ($0.07) EPS. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year. On average, analysts predict that Chegg will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Chegg

Several large investors have recently made changes to their positions in CHGG. Pallas Capital Advisors LLC lifted its stake in shares of Chegg by 60.5% during the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after buying an additional 6,658 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Chegg during the 2nd quarter worth approximately $60,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after buying an additional 18,320 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Chegg during the 3rd quarter valued at approximately $56,000. Finally, Aspire Wealth Management Corp acquired a new position in Chegg during the 3rd quarter worth approximately $69,000. Institutional investors and hedge funds 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.