Jefferies Financial Group Cuts Chegg (NYSE:CHGG) Price Target to $7.00

Chegg (NYSE:CHGG) had its price objective lowered by Jefferies Financial Group from $10.00 to $7.00 in a research note published on Monday morning, Benzinga reports. Jefferies Financial Group currently has a hold rating on the technology company’s stock.

A number of other brokerages also recently commented on CHGG. Piper Sandler Companies downgraded shares of Chegg to an underweight rating and lowered their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. The Goldman Sachs Group dropped their price objective on Chegg from $8.00 to $7.00 and set a sell rating on the stock in a report on Tuesday, February 6th. JPMorgan Chase & Co. lowered their price target on Chegg from $10.00 to $9.00 and set a neutral rating for the company in a report on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a hold rating to a buy rating in a research note on Tuesday, January 23rd. Finally, Morgan Stanley dropped their price objective on Chegg from $8.50 to $7.00 and set an underweight rating on the stock in a report on Friday, April 19th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $9.56.

Chegg Trading Up 1.0 %

CHGG opened at $7.17 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $728.26 million, a price-to-earnings ratio of -44.81, a PEG ratio of 1.38 and a beta of 1.26. The business has a fifty day moving average price of $7.77 and a 200 day moving average price of $9.09. Chegg has a 12 month low of $6.63 and a 12 month high of $17.92.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. Sell-side analysts expect that Chegg will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several hedge funds have recently made changes to their positions in the business. Sylebra Capital LLC acquired a new stake in Chegg during the 3rd quarter worth approximately $61,286,000. Boston Partners purchased a new stake in shares of Chegg during the fourth quarter worth approximately $12,091,000. Federated Hermes Inc. lifted its holdings in shares of Chegg by 229.8% during the fourth quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after purchasing an additional 873,984 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Chegg by 7.5% during the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after purchasing an additional 809,530 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Chegg by 39.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock valued at $30,084,000 after buying an additional 750,677 shares during the last quarter. 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.