Chegg (NYSE:CHGG) Downgraded to “Underweight” at Piper Sandler Companies

Piper Sandler Companies lowered shares of Chegg (NYSE:CHGGFree Report) to an underweight rating in a research report report published on Tuesday morning, Stock Target Advisor reports. Piper Sandler Companies currently has $8.50 price objective on the technology company’s stock, down from their previous price objective of $9.00.

A number of other analysts have also recently weighed in on the company. Piper Sandler lowered their price objective on Chegg from $13.00 to $9.00 and set a neutral rating for the company in a research report on Tuesday, October 31st. BMO Capital Markets lowered their price target on Chegg from $12.00 to $10.00 and set a market perform rating for the company in a research report on Tuesday, October 31st. JPMorgan Chase & Co. lowered their price target on Chegg from $12.00 to $10.00 and set a neutral rating for the company in a research report on Tuesday, October 31st. The Goldman Sachs Group cut Chegg from a neutral rating to a sell rating and lowered their price target for the stock from $10.00 to $8.00 in a research report on Friday, January 19th. Finally, Morgan Stanley cut Chegg from an equal weight rating to an underweight rating and lowered their price target for the stock from $10.00 to $9.00 in a research report on Monday, November 20th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Chegg currently has an average rating of Hold and an average target price of $12.55.

Check Out Our Latest Stock Report on CHGG

Chegg Stock Down 6.2 %

Chegg stock opened at $8.72 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.31 and a quick ratio of 2.31. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -36.33, a PEG ratio of 1.89 and a beta of 1.33. Chegg has a 1-year low of $7.32 and a 1-year high of $18.77. The business has a fifty day moving average price of $10.57 and a 200-day moving average price of $9.82.

Chegg (NYSE:CHGGGet Free Report) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The firm had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. Chegg had a return on equity of 2.02% and a net margin of 1.41%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. Equities research analysts forecast that Chegg will post 0.3 EPS for the current fiscal year.

Insider Buying and Selling at Chegg

In other Chegg news, CFO Andrew J. Brown sold 16,921 shares of Chegg stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $10.02, for a total transaction of $169,548.42. Following the completion of the transaction, the chief financial officer now owns 91,922 shares in the company, valued at approximately $921,058.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 18,901 shares of company stock worth $189,984. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Chegg

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new position in shares of Chegg in the 2nd quarter valued at about $25,000. AM Squared Ltd purchased a new position in shares of Chegg in the 1st quarter valued at about $47,000. Headlands Technologies LLC purchased a new position in shares of Chegg in the 4th quarter valued at about $48,000. Tower Research Capital LLC TRC increased its stake in Chegg by 58.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after buying an additional 2,043 shares in the last quarter. Finally, Captrust Financial Advisors increased its stake in Chegg by 79.6% during the 1st quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after buying an additional 892 shares in the last quarter. Hedge funds and other institutional investors own 97.15% of the company’s stock.

Chegg Company Profile

(Get Free Report)

Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.

Further Reading

Analyst Recommendations for Chegg (NYSE:CHGG)

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