Chegg (NYSE:CHGG) Price Target Cut to $3.00 by Analysts at Northland Securities

Chegg (NYSE:CHGG) had its target price cut by Northland Securities from $4.00 to $3.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a market perform rating on the technology company’s stock.

A number of other research analysts have also recently commented on CHGG. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Piper Sandler decreased their target price 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. Finally, 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. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and an average target price of $4.69.

Chegg Trading Up 0.6 %

Shares of CHGG stock opened at $1.72 on Wednesday. The company’s 50-day moving average price is $1.70 and its 200-day moving average price is $2.68. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31. The stock has a market cap of $179.41 million, a price-to-earnings ratio of -0.22, a PEG ratio of 0.56 and a beta of 1.32. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company’s revenue was down 13.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) EPS. As a group, equities analysts predict that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg in the first quarter valued at approximately $30,000. Gladius Capital Management LP acquired a new stake in Chegg in the second quarter valued at approximately $27,000. Adero Partners LLC acquired a new stake in Chegg in the second quarter valued at approximately $34,000. Entropy Technologies LP acquired a new stake in Chegg in the first quarter valued at approximately $90,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in Chegg in the second quarter valued at approximately $60,000. 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.