Chegg, Inc. (NYSE:CHGG) Receives $4.69 Consensus PT from Brokerages

Shares of Chegg, Inc. (NYSE:CHGG) have received an average rating of “Reduce” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $4.50.

A number of brokerages have issued reports on CHGG. Craig Hallum reduced their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley restated an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a report on Tuesday. The Goldman Sachs Group dropped their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th.

Institutional Investors Weigh In On Chegg

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in shares of Chegg by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock valued at $1,548,000 after purchasing an additional 22,843 shares during the period. Rhumbline Advisers grew its holdings in Chegg by 7.1% during the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock valued at $579,000 after buying an additional 12,153 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Chegg by 939.4% during the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock valued at $1,566,000 after buying an additional 447,784 shares during the period. Headlands Technologies LLC lifted its holdings in shares of Chegg by 6,994.3% in the second quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock worth $103,000 after buying an additional 32,104 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Chegg by 11.2% in the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after acquiring an additional 11,992 shares during the period. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Performance

Shares of CHGG stock opened at $1.54 on Monday. Chegg has a one year low of $1.34 and a one year high of $11.25. The company has a market cap of $160.63 million, a P/E ratio of -0.19 and a beta of 1.40. The firm has a 50-day moving average of $1.92 and a 200-day moving average of $2.11. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) EPS. Equities research analysts forecast that Chegg will post 0.12 EPS for the current fiscal year.

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.