Brokerages Set Chegg, Inc. (NYSE:CHGG) PT at $10.22

Chegg, Inc. (NYSE:CHGG) has been given a consensus rating of “Reduce” by the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.00.

Several analysts recently commented on the stock. Morgan Stanley decreased their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. BMO Capital Markets reduced their target price 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. Piper Sandler Companies cut shares of Chegg to an “underweight” rating and reduced their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, Piper Sandler cut shares of Chegg from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th.

Hedge Funds Weigh In On Chegg

A number of institutional investors have recently modified their holdings of CHGG. Alliancebernstein L.P. increased its position in Chegg by 0.5% during the third quarter. Alliancebernstein L.P. now owns 150,866 shares of the technology company’s stock worth $3,179,000 after acquiring an additional 720 shares during the period. Captrust Financial Advisors increased its position in Chegg by 79.6% during the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after acquiring an additional 892 shares during the period. Commonwealth Equity Services LLC increased its position 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 acquiring an additional 1,768 shares during the period. Vident Advisory LLC increased its position in Chegg by 8.3% during the fourth quarter. Vident Advisory LLC now owns 23,149 shares of the technology company’s stock worth $263,000 after acquiring an additional 1,780 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Chegg by 58.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after acquiring an additional 2,043 shares during the period. Institutional investors own 95.18% of the company’s stock.

Chegg Stock Performance

CHGG stock opened at $7.10 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $730.42 million, a P/E ratio of -44.34, a P/E/G ratio of 1.34 and a beta of 1.26. The firm has a 50 day simple moving average of $7.98 and a 200 day simple moving average of $9.14. Chegg has a 52 week low of $6.63 and a 52 week high of $18.77.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting the consensus estimate 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 net margin of 2.54% and a return on equity of 1.27%. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. Research analysts anticipate that Chegg will post 0.26 earnings per share for the current fiscal year.

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.