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

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

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

Chegg Price Performance

Shares of NYSE CHGG opened at $1.49 on Thursday. The stock’s 50-day simple moving average is $1.91 and its two-hundred day simple moving average is $2.09. The firm has a market capitalization of $154.90 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 has a twelve month low of $1.34 and a twelve month high of $10.80.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The company’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.

Hedge Funds Weigh In On Chegg

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of Chegg by 4.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock valued at $1,548,000 after buying an additional 22,843 shares in the last quarter. Rhumbline Advisers increased its holdings in Chegg by 7.1% in the second quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock valued at $579,000 after buying an additional 12,153 shares in the last quarter. Victory Capital Management Inc. increased its holdings 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 acquiring an additional 447,784 shares in the last quarter. American Century Companies Inc. increased its position in Chegg by 11.2% during the second 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after acquiring an additional 433,709 shares in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.