Chegg (NYSE:CHGG) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Chegg (NYSE:CHGG) in a report published on Tuesday, Benzinga reports.

A number of other equities analysts also recently commented on the company. BMO Capital Markets decreased their target price on Chegg from $11.00 to $10.00 and set a market perform rating for the company in a report on Tuesday, February 6th. Piper Sandler Companies cut shares of Chegg to an underweight rating and dropped their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Jefferies Financial Group cut shares of Chegg from a hold rating to an underperform rating and reduced their price target for the company from $7.00 to $4.00 in a research report on Tuesday. 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 research note on Friday, April 19th. Finally, StockNews.com raised Chegg from a hold rating to a buy rating in a research report on Tuesday, January 23rd. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Chegg presently has a consensus rating of Hold and an average price target of $7.31.

Chegg Price Performance

CHGG stock opened at $5.24 on Tuesday. The stock has a market capitalization of $535.62 million, a price-to-earnings ratio of -27.58, a PEG ratio of 1.05 and a beta of 1.35. The firm’s 50-day moving average price is $7.45 and its two-hundred day moving average price is $8.99. The company has a current ratio of 0.92, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25. Chegg has a 12-month low of $4.96 and a 12-month high of $13.11.

Chegg (NYSE:CHGG) last posted its earnings results 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 company had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. Chegg’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. As a group, equities analysts predict that Chegg will post 0.26 earnings per share for the current year.

Hedge Funds Weigh In On Chegg

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg during the first quarter valued at $30,000. Headlands Technologies LLC purchased a new stake in Chegg during the 4th quarter valued at about $48,000. Quest Partners LLC bought a new stake in Chegg during the 4th quarter valued at about $114,000. Moors & Cabot Inc. purchased a new position in Chegg in the third quarter worth about $98,000. Finally, Shell Asset Management Co. lifted its stake in shares of Chegg by 48.8% in the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock worth $102,000 after buying an additional 3,748 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.