Chegg’s (CHGG) “Hold” Rating Reiterated at Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports.

CHGG has been the subject of a number of other reports. Piper Sandler downgraded Chegg from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Piper Sandler Companies downgraded Chegg to an “underweight” rating and cut their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. The Goldman Sachs Group cut 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. JPMorgan Chase & Co. dropped their price target on Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Finally, BMO Capital Markets dropped their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.72.

Chegg Stock Performance

Shares of NYSE CHGG opened at $5.38 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The stock has a 50 day simple moving average of $7.60 and a 200-day simple moving average of $9.04. The company has a market cap of $546.45 million, a PE ratio of -28.32, a P/E/G ratio of 1.39 and a beta of 1.26. Chegg has a 12-month low of $4.96 and a 12-month high of $13.11.

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 the consensus estimate of $0.36. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a return on equity of 0.86% and a net margin of 2.07%. The business’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, equities research analysts forecast that Chegg will post 0.26 EPS for the current year.

Institutional Trading of Chegg

Several large investors have recently added to or reduced their stakes in CHGG. Sylebra Capital LLC acquired a new stake in Chegg during the 3rd quarter valued at $61,286,000. Boston Partners acquired a new stake in Chegg during the 4th quarter valued at $12,091,000. Federated Hermes Inc. raised its stake in Chegg by 229.8% during the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock valued at $14,249,000 after purchasing an additional 873,984 shares during the period. Vanguard Group Inc. raised its stake in Chegg by 7.5% during the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after purchasing an additional 809,530 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Chegg by 39.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock valued at $30,084,000 after purchasing an additional 750,677 shares during the period. 95.18% of the stock is owned by institutional investors and hedge funds.

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.