Analysts Set Chegg, Inc. (NYSE:CHGG) Price Target at $5.25

Chegg, Inc. (NYSE:CHGG) has earned a consensus rating of “Reduce” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $5.25.

CHGG has been the topic of several recent research reports. Piper Sandler cut their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Northland Securities cut their target price on Chegg from $6.00 to $4.00 and set a “market perform” rating on the stock in a report on Monday, October 21st. Morgan Stanley cut their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Craig Hallum cut their target price on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and cut their target price for the company from $7.00 to $3.75 in a report on Tuesday, August 6th.

Institutional Investors Weigh In On Chegg

A number of institutional investors have recently added to or reduced their stakes in the company. Banco Santander S.A. grew its position in Chegg by 3.8% during the first quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock worth $770,000 after buying an additional 3,760 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Chegg during the first quarter worth about $30,000. Price T Rowe Associates Inc. MD grew its position in Chegg by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after buying an additional 4,250 shares in the last quarter. Quent Capital LLC grew its position in Chegg by 35.0% during the second quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after buying an additional 7,892 shares in the last quarter. Finally, Gladius Capital Management LP acquired a new stake in Chegg during the second quarter worth about $27,000. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Price Performance

Shares of NYSE:CHGG opened at $1.80 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg has a 1 year low of $1.48 and a 1 year high of $11.48. The business has a fifty day simple moving average of $1.76 and a 200 day simple moving average of $2.93. The firm has a market cap of $183.48 million, a price-to-earnings ratio of -0.29, a P/E/G ratio of 0.58 and a beta of 1.32.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The company had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same period last year, the company earned $0.01 earnings per share. The business’s revenue was down 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Chegg will post 0.19 earnings per share for the current fiscal year.

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.