Analysts Set Chegg, Inc. (NYSE:CHGG) Target Price at $4.69

Chegg, Inc. (NYSE:CHGG) has been given a consensus recommendation of “Reduce” by the ten analysts that are presently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $4.50.

A number of brokerages recently issued reports on CHGG. 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. Piper Sandler decreased their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Thursday. Finally, The Goldman Sachs Group dropped their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th.

Hedge Funds Weigh In On Chegg

Institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in Chegg by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after buying an additional 2,130,998 shares during the last quarter. Geode Capital Management LLC increased its position in Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after acquiring an additional 26,574 shares during the period. Millennium Management LLC raised its stake in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after acquiring an additional 1,361,710 shares during the last quarter. Finally, Divisadero Street Capital Management LP acquired a new stake in Chegg during the 2nd quarter worth approximately $3,501,000. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Stock Down 3.6 %

Chegg stock opened at $1.49 on Monday. The firm has a market capitalization of $154.90 million, a P/E ratio of -0.19 and a beta of 1.40. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a twelve month low of $1.34 and a twelve month high of $10.80. The stock’s fifty day simple moving average is $1.91 and its 200-day simple moving average is $2.09.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) EPS. As a group, equities analysts expect that Chegg will post 0.12 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.