Chegg, Inc. (NYSE:CHGG) Receives $6.84 Consensus Target Price from Analysts

Shares of Chegg, Inc. (NYSE:CHGG) have earned an average rating of “Reduce” from the nine brokerages that are covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $6.84.

A number of research analysts recently issued reports on the stock. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, June 18th. Piper Sandler restated an “underweight” rating and set a $6.00 price objective (down previously from $8.50) on shares of Chegg in a research report on Tuesday, April 30th. Morgan Stanley upgraded shares of Chegg from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $6.50 to $3.25 in a research report on Tuesday, July 16th. Finally, Craig Hallum restated a “hold” rating and set a $7.00 price objective (down previously from $13.00) on shares of Chegg in a research report on Tuesday, April 30th.

Chegg Trading Down 0.3 %

Shares of CHGG stock opened at $3.51 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $358.79 million, a P/E ratio of -18.47, a price-to-earnings-growth ratio of 0.62 and a beta of 1.35. The company has a 50 day moving average price of $3.29 and a 200 day moving average price of $6.28. Chegg has a fifty-two week low of $2.53 and a fifty-two week high of $13.11.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 earnings per share 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 business had revenue of $174.35 million during the quarter, compared to analyst estimates of $174.05 million. Equities research analysts predict that Chegg will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Several institutional investors have recently bought and sold shares of the company. Jump Financial LLC grew its stake in shares of Chegg by 64.8% during the 4th quarter. Jump Financial LLC now owns 48,200 shares of the technology company’s stock worth $548,000 after purchasing an additional 18,944 shares during the period. Assenagon Asset Management S.A. purchased a new position in Chegg in the 1st quarter valued at about $1,950,000. Susquehanna Fundamental Investments LLC purchased a new position in Chegg in the 1st quarter valued at about $2,599,000. Harber Asset Management LLC purchased a new position in shares of Chegg during the 4th quarter worth about $2,927,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Chegg by 221.5% during the 4th quarter. BNP Paribas Financial Markets now owns 572,918 shares of the technology company’s stock worth $6,508,000 after acquiring an additional 394,714 shares during the period. 95.18% of the stock is owned by institutional investors and hedge funds.

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.