Piper Sandler Reiterates “Underweight” Rating for Chegg (NYSE:CHGG)

Chegg (NYSE:CHGG)‘s stock had its “underweight” rating reiterated by stock analysts at Piper Sandler in a research report issued on Tuesday, Benzinga reports. They currently have a $6.00 price objective on the technology company’s stock, down from their prior price objective of $8.50. Piper Sandler’s price objective indicates a potential upside of 11.52% from the stock’s current price.

CHGG has been the subject of a number of other reports. Craig Hallum restated a “hold” rating and issued a $7.00 price objective (down from $13.00) on shares of Chegg in a research report on Tuesday. Morgan Stanley cut their price objective on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Friday, April 19th. The Goldman Sachs Group dropped their price target on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research report on Tuesday, February 6th. Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $7.00 to $4.00 in a research report on Tuesday. Finally, Piper Sandler Companies cut Chegg to an “underweight” rating and dropped their price target for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.72.

Chegg Trading Up 4.1 %

Shares of NYSE:CHGG opened at $5.38 on Tuesday. The company has a market capitalization of $546.45 million, a PE ratio of -28.32, a PEG 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. The business has a 50 day moving average of $7.60 and a two-hundred day moving average of $9.04. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share. As a group, analysts forecast that Chegg will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Chegg

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. SG Americas Securities LLC acquired a new position in Chegg during the third quarter worth $437,000. Commonwealth Equity Services LLC boosted its stake in Chegg by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after buying an additional 1,768 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Chegg during the third quarter worth $1,261,000. Mackenzie Financial Corp acquired a new position in Chegg during the third quarter worth $549,000. Finally, Bordeaux Wealth Advisors LLC boosted its stake in Chegg by 11.4% during the third quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock worth $486,000 after buying an additional 5,584 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.