Chegg, Inc. (NYSE:CHGG) Expected to Post Q1 2024 Earnings of $0.05 Per Share

Chegg, Inc. (NYSE:CHGG) – Investment analysts at Barrington Research raised their Q1 2024 earnings per share (EPS) estimates for shares of Chegg in a research report issued to clients and investors on Tuesday, April 9th. Barrington Research analyst A. Paris now anticipates that the technology company will post earnings per share of $0.05 for the quarter, up from their previous estimate of $0.03. The consensus estimate for Chegg’s current full-year earnings is $0.26 per share. Barrington Research also issued estimates for Chegg’s Q2 2024 earnings at $0.08 EPS, Q3 2024 earnings at $0.02 EPS, FY2024 earnings at $0.36 EPS and FY2025 earnings at $0.50 EPS.

Several other research firms also recently issued reports on CHGG. JPMorgan Chase & Co. dropped their price objective 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 decreased their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. The Goldman Sachs Group decreased their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research report on Tuesday, February 6th. Finally, Piper Sandler Companies lowered Chegg to an “underweight” rating and decreased their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.22.

Chegg Price Performance

CHGG stock opened at $7.15 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. Chegg has a 52-week low of $6.98 and a 52-week high of $18.77. The stock’s 50 day moving average is $8.17 and its two-hundred day moving average is $9.20. The company has a market capitalization of $736.09 million, a PE ratio of -44.69, a P/E/G ratio of 1.46 and a beta of 1.26.

Chegg (NYSE:CHGG) last posted its quarterly earnings data 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 1.27% and a net margin of 2.54%. The company had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same period in the previous year, the business earned $0.16 EPS. Chegg’s revenue for the quarter was down 8.4% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Chegg by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company’s stock worth $247,923,000 after acquiring an additional 179,401 shares during the period. Sylebra Capital LLC boosted its position in Chegg by 37.0% during the 4th quarter. Sylebra Capital LLC now owns 9,410,827 shares of the technology company’s stock worth $106,907,000 after acquiring an additional 2,540,238 shares during the period. Sylebra Capital Ltd boosted its position in Chegg by 301.6% during the 1st quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company’s stock worth $59,701,000 after acquiring an additional 2,750,725 shares during the period. Dimensional Fund Advisors LP boosted its position in Chegg by 81.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock worth $47,922,000 after acquiring an additional 1,320,462 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in Chegg by 14.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock worth $23,758,000 after acquiring an additional 337,680 shares during the period. 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.