Chegg (NYSE:CHGG) Price Target Cut to $1.75 by Analysts at The Goldman Sachs Group

Chegg (NYSE:CHGG) had its target price trimmed by The Goldman Sachs Group from $3.75 to $1.75 in a research note published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also recently commented on the stock. Craig Hallum decreased their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Morgan Stanley decreased their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Finally, StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Trading Up 0.6 %

Shares of CHGG opened at $1.72 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The firm has a 50-day moving average price of $1.70 and a 200 day moving average price of $2.66. The firm has a market capitalization of $179.41 million, a P/E ratio of -0.22, a P/E/G ratio of 0.61 and a beta of 1.32.

Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, November 12th. The technology company reported $0.09 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 company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Chegg’s revenue for the quarter was down 13.5% compared to the same quarter last year. Sell-side analysts forecast that Chegg will post 0.19 EPS for the current year.

Institutional Trading of Chegg

Hedge funds have recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in Chegg in the second quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Chegg in the first quarter valued at approximately $30,000. Adero Partners LLC purchased a new position in Chegg in the second quarter valued at approximately $34,000. Point72 Asia Singapore Pte. Ltd. increased its stake in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Chegg in the third quarter valued at approximately $56,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.