Chegg (NYSE:CHGG) PT Lowered to $4.00 at Northland Securities

Chegg (NYSE:CHGG) had its price target cut by Northland Securities from $6.00 to $4.00 in a report released on Monday, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

Other research analysts have also recently issued research reports about the company. Piper Sandler cut their price objective on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Craig Hallum lowered their target price on shares of Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.25.

Chegg Stock Down 3.8 %

Shares of NYSE:CHGG opened at $1.65 on Monday. Chegg has a fifty-two week low of $1.48 and a fifty-two week high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The firm’s 50-day simple moving average is $1.85 and its 200-day simple moving average is $3.31. The company has a market cap of $168.15 million, a price-to-earnings ratio of -8.66, a PEG ratio of 0.55 and a beta of 1.31.

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

Hedge Funds Weigh In On Chegg

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Chegg by 7.5% in the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after acquiring an additional 809,530 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after buying an additional 2,130,998 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Chegg by 4.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company’s stock valued at $20,798,000 after buying an additional 105,511 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the period. Hedge funds and other institutional investors 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.