Chegg (NYSE:CHGG) Raised to “Strong-Buy” at Zacks Research

Chegg (NYSE:CHGG) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Friday, March 27th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Chegg currently has a consensus rating of “Hold”.

Chegg Price Performance

Shares of CHGG opened at $1.22 on Tuesday. The company has a market capitalization of $136.03 million, a P/E ratio of -1.54 and a beta of 2.12. Chegg has a one year low of $0.45 and a one year high of $1.90. The business’s 50 day simple moving average is $0.87 and its 200-day simple moving average is $0.86.

Chegg (NYSE:CHGG) last announced its earnings results on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.06. The business had revenue of $63.26 million for the quarter, compared to the consensus estimate of $60.95 million. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%. On average, sell-side analysts anticipate that Chegg will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Chegg by 23.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,844,804 shares of the technology company’s stock worth $4,506,000 after buying an additional 907,080 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Chegg by 4.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,923,979 shares of the technology company’s stock worth $5,925,000 after buying an additional 167,062 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Chegg by 0.3% during the 1st quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after buying an additional 10,820 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Chegg by 95.9% during the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock worth $1,925,000 after buying an additional 1,474,640 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Chegg by 29.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,200,962 shares of the technology company’s stock worth $1,117,000 after buying an additional 270,785 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

About Chegg

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.