Chegg (NYSE:CHGG) Price Target Cut to $4.00 by Analysts at Northland Securities

Chegg (NYSE:CHGG) had its target price cut by Northland Securities from $6.00 to $4.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

A number of other research firms also recently issued reports on CHGG. Craig Hallum dropped their price target on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler cut their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley lowered their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three investment 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, the company has an average rating of “Hold” and an average price target of $5.25.

Chegg Trading Down 1.2 %

Shares of CHGG opened at $1.62 on Monday. The firm has a market capitalization of $165.59 million, a price-to-earnings ratio of -8.53, a PEG ratio of 0.55 and a beta of 1.31. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. Chegg has a 1-year low of $1.48 and a 1-year high of $11.48. The company has a 50-day moving average of $1.84 and a 200 day moving average of $3.30.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The firm had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. The company’s revenue was down 10.8% on a year-over-year basis. On average, research analysts expect that Chegg will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Chegg

A number of large investors have recently made changes to their positions in CHGG. Burford Brothers Inc. grew its stake in Chegg by 37.7% during the 3rd quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock worth $157,000 after buying an additional 24,262 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Chegg by 16.0% in the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after acquiring an additional 41,174 shares in the last quarter. Quent Capital LLC grew its stake in shares of Chegg by 98.5% during the third quarter. Quent Capital LLC now owns 60,460 shares of the technology company’s stock worth $107,000 after acquiring an additional 30,000 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Chegg by 242.5% during the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after acquiring an additional 75,751 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its position in shares of Chegg by 76.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 607,250 shares of the technology company’s stock valued at $1,919,000 after purchasing an additional 263,927 shares during the last quarter. 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.