Needham & Company LLC Reiterates “Hold” Rating for Chegg (NYSE:CHGG)

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reiterated by research analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports.

A number of other research firms have also recently weighed in on CHGG. The Goldman Sachs Group lowered their price target 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 on the stock in a report on Tuesday, February 6th. BMO Capital Markets lowered their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. Craig Hallum restated a “hold” rating and issued a $7.00 price target (down previously from $13.00) on shares of Chegg in a report on Tuesday. Finally, Piper Sandler Companies cut Chegg to an “underweight” rating and lowered their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Chegg has a consensus rating of “Hold” and a consensus price target of $7.72.

Chegg Stock Performance

NYSE CHGG opened at $5.38 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $7.60 and its two-hundred day moving average is $9.04. Chegg has a 12-month low of $4.96 and a 12-month high of $13.11. The stock has a market capitalization of $546.45 million, a price-to-earnings ratio of -28.32, a PEG ratio of 1.39 and a beta of 1.26.

Chegg (NYSE:CHGG) last released its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Chegg had a return on equity of 0.86% and a net margin of 2.07%. The company had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm’s quarterly revenue was down 8.4% on a year-over-year basis. Research analysts expect that Chegg will post 0.26 EPS for the current year.

Institutional Investors Weigh In On Chegg

A number of institutional investors and hedge funds have recently bought and sold shares of CHGG. SG Americas Securities LLC purchased a new stake in Chegg in the 3rd quarter valued at approximately $437,000. Commonwealth Equity Services LLC lifted its stake in shares of Chegg by 2.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after purchasing an additional 1,768 shares during the period. Robeco Institutional Asset Management B.V. purchased a new position in shares of Chegg during the 3rd quarter worth $1,261,000. Mackenzie Financial Corp purchased a new position in shares of Chegg during the 3rd quarter worth $549,000. Finally, Bordeaux Wealth Advisors LLC lifted its stake in shares of Chegg by 11.4% during the 3rd quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock worth $486,000 after purchasing an additional 5,584 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.