Q1 2024 Earnings Forecast for Chegg, Inc. Issued By Northland Capmk (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGGFree Report) – Investment analysts at Northland Capmk reduced their Q1 2024 earnings per share estimates for shares of Chegg in a note issued to investors on Tuesday, February 6th. Northland Capmk analyst M. Grondahl now anticipates that the technology company will post earnings of $0.04 per share for the quarter, down from their prior estimate of $0.13. The consensus estimate for Chegg’s current full-year earnings is $0.25 per share. Northland Capmk also issued estimates for Chegg’s Q2 2024 earnings at $0.03 EPS, Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at $0.24 EPS and FY2024 earnings at $0.26 EPS.

Several other brokerages have also weighed in on CHGG. Piper Sandler lowered Chegg from a “neutral” rating to an “underweight” rating and cut their price target for the company from $9.00 to $8.50 in a research note on Tuesday. Piper Sandler Companies lowered Chegg to an “underweight” rating and cut their price target for the company from $9.00 to $8.50 in a research note on Tuesday. BMO Capital Markets lowered their price objective on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday. The Goldman Sachs Group lowered their price objective on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a report on Tuesday. Finally, StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.22.

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Chegg Stock Performance

NYSE CHGG opened at $8.60 on Friday. The stock has a 50-day simple moving average of $10.51 and a two-hundred day simple moving average of $9.80. The firm has a market capitalization of $996.05 million, a P/E ratio of -53.75, a PEG ratio of 1.72 and a beta of 1.33. Chegg has a fifty-two week low of $7.32 and a fifty-two week high of $18.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.31 and a current ratio of 2.31.

Chegg (NYSE:CHGGGet Free Report) last released its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million during the quarter, compared to analyst estimates of $185.94 million. Chegg had a return on equity of 1.24% and a net margin of 2.54%. The company’s revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the business posted $0.16 EPS.

Insider Transactions at Chegg

In other news, CFO Andrew J. Brown sold 16,921 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $10.02, for a total transaction of $169,548.42. Following the transaction, the chief financial officer now directly owns 91,922 shares in the company, valued at approximately $921,058.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 18,901 shares of company stock worth $189,984 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Chegg by 1.5% in the third quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company’s stock valued at $247,923,000 after purchasing an additional 179,401 shares during the period. Sylebra Capital Ltd raised its position in Chegg by 144.8% in the second quarter. Sylebra Capital Ltd now owns 8,967,899 shares of the technology company’s stock valued at $79,635,000 after purchasing an additional 5,305,250 shares during the period. Sylebra Capital LLC purchased a new stake in Chegg in the third quarter valued at approximately $61,286,000. Dimensional Fund Advisors LP raised its position in Chegg by 81.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock valued at $47,922,000 after purchasing an additional 1,320,462 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in Chegg by 14.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock valued at $23,758,000 after purchasing an additional 337,680 shares during the period. 97.15% of the stock is currently owned by institutional investors and hedge funds.

About Chegg

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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.

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Earnings History and Estimates for Chegg (NYSE:CHGG)

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