Chegg, Inc. (NYSE:CHGG) Receives $7.31 Consensus Price Target from Analysts

Shares of Chegg, Inc. (NYSE:CHGG) have received an average recommendation of “Strong Sell” from the nine research firms that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $7.31.

Several research analysts have issued reports on CHGG shares. Jefferies Financial Group downgraded Chegg from a “hold” rating to an “underperform” rating and cut their price objective for the company from $7.00 to $4.00 in a research report on Tuesday, April 30th. Morgan Stanley reduced their target price on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday, June 18th. Craig Hallum reaffirmed a “hold” rating and set a $7.00 price objective (down from $13.00) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Piper Sandler reissued an “underweight” rating and issued a $6.00 target price (down from $8.50) on shares of Chegg in a research report on Tuesday, April 30th.

Chegg Trading Down 5.4 %

Shares of CHGG stock opened at $2.99 on Thursday. The stock has a 50-day simple moving average of $4.16 and a 200 day simple moving average of $7.34. The stock has a market capitalization of $305.64 million, a P/E ratio of -15.74, a P/E/G ratio of 0.58 and a beta of 1.35. Chegg has a fifty-two week low of $2.53 and a fifty-two week high of $13.11. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). Chegg had a return on equity of 0.87% and a net margin of 2.07%. The business had revenue of $174.35 million during the quarter, compared to analyst estimates of $174.05 million. On average, sell-side analysts expect that Chegg will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

A number of institutional investors have recently modified their holdings of CHGG. Vanguard Group Inc. boosted its position in Chegg by 7.5% during the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after purchasing an additional 809,530 shares during the last quarter. Sylebra Capital LLC acquired a new stake in shares of Chegg during the 3rd quarter valued at about $61,286,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Chegg by 4.0% in the 1st 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in Chegg by 39.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after buying an additional 750,677 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Chegg by 229.8% during the fourth quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock valued at $14,249,000 after acquiring an additional 873,984 shares in the last quarter. Institutional investors and hedge funds 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.