Chegg (NYSE:CHGG) Price Target Lowered to $3.00 at Northland Securities

Chegg (NYSE:CHGG) had its price objective reduced by Northland Securities from $4.00 to $3.00 in a research report sent to investors on Wednesday,Benzinga reports. Northland Securities currently has a market perform rating on the technology company’s stock.

Several other brokerages have also recently commented on CHGG. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Piper Sandler reduced their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Finally, StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, Chegg presently has a consensus rating of “Hold” and an average target price of $4.97.

Chegg Trading Down 11.0 %

NYSE:CHGG opened at $1.58 on Wednesday. The company has a market cap of $161.00 million, a P/E ratio of -0.20, a price-to-earnings-growth ratio of 0.63 and a beta of 1.32. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The business has a 50 day moving average price of $1.71 and a two-hundred day moving average price of $2.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Banco Santander S.A. lifted its holdings in Chegg by 3.8% during the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock valued at $770,000 after purchasing an additional 3,760 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg in the first quarter valued at about $30,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Chegg by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after buying an additional 4,250 shares during the last quarter. Quent Capital LLC lifted its stake in shares of Chegg by 35.0% during the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after buying an additional 7,892 shares during the last quarter. Finally, Gladius Capital Management LP bought a new stake in shares of Chegg during the 2nd quarter worth about $27,000. 95.18% of the stock is currently owned by institutional investors.

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.