Chegg (NYSE:CHGG) Downgraded by Jefferies Financial Group

Chegg (NYSE:CHGG) was downgraded by equities researchers at Jefferies Financial Group from a “hold” rating to an “underperform” rating in a research note issued on Tuesday, Briefing.com reports. They presently have a $4.00 target price on the technology company’s stock, down from their prior target price of $7.00. Jefferies Financial Group’s price objective would indicate a potential downside of 44.21% from the stock’s current price.

CHGG has been the topic of several other research reports. StockNews.com raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. BMO Capital Markets lowered their price objective on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research note on Tuesday, February 6th. Morgan Stanley dropped their price objective on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. JPMorgan Chase & Co. decreased their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” 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 company from $9.00 to $8.50 in a report on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.22.

Chegg Trading Up 1.0 %

CHGG stock opened at $7.17 on Tuesday. Chegg has a 52-week low of $6.63 and a 52-week high of $17.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average of $7.77 and a two-hundred day moving average of $9.09.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same period last year, the company earned $0.16 EPS. The company’s quarterly revenue was down 8.4% on a year-over-year basis. Analysts predict that Chegg will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Acadian Asset Management LLC grew its holdings in shares of Chegg by 185.5% during the third quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock worth $2,621,000 after purchasing an additional 191,165 shares during the last quarter. Trexquant Investment LP purchased a new stake in Chegg in the third quarter valued at approximately $3,907,000. AQR Capital Management LLC grew its holdings in shares of Chegg by 75.4% during the third quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after buying an additional 298,194 shares during the last quarter. Graham Capital Management L.P. increased its position in Chegg by 28.2% in the 3rd quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock valued at $1,128,000 after acquiring an additional 27,813 shares during the period. Finally, Hsbc Holdings PLC raised its stake in Chegg by 114.4% during the 3rd quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock valued at $2,347,000 after acquiring an additional 140,113 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.