Chegg, Inc. (NYSE:CHGG) Receives $7.31 Consensus Target Price from Brokerages

Shares of Chegg, Inc. (NYSE:CHGG) have been given a consensus rating of “Strong Sell” by the nine brokerages that are covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.31.

CHGG has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. Craig Hallum reiterated a “hold” rating and set a $7.00 target price (down from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Piper Sandler restated an “underweight” rating and issued a $6.00 price target (down from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, June 18th. Finally, Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th.

Hedge Funds Weigh In On Chegg

Several hedge funds have recently made changes to their positions in CHGG. Allspring Global Investments Holdings LLC acquired a new position in Chegg during the first quarter worth $30,000. Headlands Technologies LLC bought a new position in shares of Chegg in the 4th quarter valued at about $48,000. Entropy Technologies LP bought a new position in shares of Chegg in the 1st quarter valued at about $90,000. Quest Partners LLC acquired a new stake in shares of Chegg in the fourth quarter valued at about $114,000. Finally, Sherbrooke Park Advisers LLC raised its holdings in Chegg by 62.7% during the third quarter. Sherbrooke Park Advisers LLC now owns 16,592 shares of the technology company’s stock worth $148,000 after acquiring an additional 6,392 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

Chegg Trading Down 5.4 %

NYSE CHGG opened at $2.99 on Thursday. Chegg has a 12 month low of $2.53 and a 12 month high of $13.11. The stock has a 50-day simple moving average of $4.16 and a 200 day simple moving average of $7.34. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $305.64 million, a PE ratio of -15.74, a P/E/G ratio of 0.58 and a beta of 1.35.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $174.35 million during the quarter, compared to the consensus estimate of $174.05 million. Research analysts forecast that Chegg will post 0.27 EPS for the current 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.