Brokers Set Expectations for Chegg, Inc.’s Q2 2024 Earnings (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) – Research analysts at William Blair cut their Q2 2024 earnings per share (EPS) estimates for shares of Chegg in a research report issued to clients and investors on Tuesday, April 30th. William Blair analyst S. Sheldon now forecasts that the technology company will post earnings of $0.03 per share for the quarter, down from their prior estimate of $0.04. The consensus estimate for Chegg’s current full-year earnings is $0.27 per share. William Blair also issued estimates for Chegg’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at $0.07 EPS, FY2024 earnings at $0.12 EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.09 EPS and FY2025 earnings at $0.15 EPS.

CHGG has been the subject of several other reports. Piper Sandler Companies cut Chegg to an “underweight” rating and cut their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. 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 report on Tuesday, February 6th. The Goldman Sachs Group dropped 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. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Finally, JPMorgan Chase & Co. lowered their target price on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $7.31.

Chegg Trading Up 0.6 %

Shares of NYSE:CHGG opened at $5.24 on Friday. The business’s 50 day simple moving average is $7.45 and its 200 day simple moving average is $8.99. Chegg has a 1 year low of $4.96 and a 1 year high of $13.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.80. The company has a market capitalization of $535.63 million, a P/E ratio of -27.58, a P/E/G ratio of 0.98 and a beta of 1.35.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. Chegg’s quarterly revenue was down 8.4% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CHGG. Vanguard Group Inc. lifted its holdings in Chegg by 7.5% during the fourth 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 in the last quarter. Sylebra Capital LLC purchased a new stake in Chegg in the 3rd quarter worth about $61,286,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of 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 last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Chegg by 39.6% during the fourth 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. Finally, Federated Hermes Inc. lifted its holdings 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 buying an additional 873,984 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

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.