Chegg (NYSE:CHGG) Rating Reiterated by Piper Sandler

Chegg (NYSE:CHGG)‘s stock had its “underweight” rating reaffirmed by investment analysts at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They presently have a $6.00 price target on the technology company’s stock, down from their previous price target of $8.50. Piper Sandler’s price objective would suggest a potential downside of 16.32% from the stock’s current price.

A number of other brokerages have also recently commented on CHGG. Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $7.00 to $4.00 in a research note on Tuesday. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on shares of Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. Finally, Morgan Stanley cut their target price on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Friday, April 19th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.72.

Chegg Stock Up 1.0 %

Shares of NYSE:CHGG opened at $7.17 on Tuesday. The company’s fifty day moving average is $7.74 and its 200-day moving average is $9.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg has a 52 week low of $6.63 and a 52 week high of $17.92. The company has a market capitalization of $728.26 million, a PE ratio of -44.81, a P/E/G ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same period in the previous year, the firm posted $0.16 earnings per share. Chegg’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts predict that Chegg will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several large investors have recently made changes to their positions in CHGG. Acadian Asset Management LLC lifted its stake in Chegg by 185.5% in the 3rd quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock valued at $2,621,000 after purchasing an additional 191,165 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of Chegg in the third quarter valued at approximately $3,907,000. AQR Capital Management LLC boosted its stake in shares of Chegg by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after acquiring an additional 298,194 shares during the period. Graham Capital Management L.P. increased its holdings in shares of Chegg by 28.2% during the 3rd quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock worth $1,128,000 after acquiring an additional 27,813 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Chegg by 114.4% in the 3rd quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock valued at $2,347,000 after acquiring an additional 140,113 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.