Chegg (NYSE:CHGG) Price Target Cut to $4.00

Chegg (NYSE:CHGG) had its target price decreased by equities researchers at Northland Securities from $6.00 to $4.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the technology company’s stock. Northland Securities’ price objective indicates a potential upside of 134.60% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Morgan Stanley cut their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Finally, Piper Sandler reduced their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and a consensus price target of $5.25.

Chegg Trading Up 12.2 %

Shares of NYSE CHGG opened at $1.71 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg has a one year low of $1.48 and a one year high of $11.48. The business has a 50-day moving average price of $1.85 and a two-hundred day moving average price of $3.32. The firm has a market capitalization of $174.28 million, a PE ratio of -8.97, a PEG ratio of 0.55 and a beta of 1.31.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The business had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis. As a group, analysts predict that Chegg will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

A number of hedge funds have recently bought and sold shares of CHGG. Vanguard Group Inc. increased its stake in Chegg by 7.5% during the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after acquiring an additional 809,530 shares during the period. Counterpoint Mutual Funds LLC lifted its position in Chegg by 83.5% during the first quarter. Counterpoint Mutual Funds LLC now owns 36,441 shares of the technology company’s stock worth $276,000 after purchasing an additional 16,585 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Chegg during the first quarter worth about $30,000. Janney Montgomery Scott LLC increased its holdings in Chegg by 26.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company’s stock valued at $831,000 after buying an additional 22,701 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Chegg by 89.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 78,695 shares of the technology company’s stock valued at $596,000 after buying an additional 37,100 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

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.