Chegg, Inc. (NYSE:CHGG) Receives $10.22 Average Target Price from Brokerages

Chegg, Inc. (NYSE:CHGG) has received an average recommendation of “Reduce” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a sell recommendation, five have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $10.22.

CHGG has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered their target price on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research note on Tuesday, February 6th. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. BMO Capital Markets lowered their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. Piper Sandler Companies cut Chegg to an “underweight” rating and lowered their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, Piper Sandler cut Chegg from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. increased its position in shares of Chegg by 0.5% during the third quarter. Alliancebernstein L.P. now owns 150,866 shares of the technology company’s stock valued at $3,179,000 after buying an additional 720 shares during the period. Captrust Financial Advisors grew its holdings in shares of Chegg by 79.6% during the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after purchasing an additional 892 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Chegg by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after purchasing an additional 1,768 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Chegg by 8.3% during the fourth quarter. Vident Advisory LLC now owns 23,149 shares of the technology company’s stock worth $263,000 after purchasing an additional 1,780 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Chegg by 58.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after purchasing an additional 2,043 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Chegg Price Performance

CHGG opened at $6.90 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $710.36 million, a price-to-earnings ratio of -43.13, a P/E/G ratio of 1.34 and a beta of 1.26. The firm’s fifty day moving average price is $8.05 and its two-hundred day moving average price is $9.16. Chegg has a 1 year low of $6.63 and a 1 year high of $18.77.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. The firm had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS. As a group, analysts anticipate that Chegg will post 0.26 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.