Chegg (NYSE:CHGG) Price Target Cut to $1.50 by Analysts at Piper Sandler

Chegg (NYSE:CHGG) had its target price decreased by Piper Sandler from $2.00 to $1.50 in a report issued on Thursday,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

CHGG has been the subject of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Morgan Stanley lowered their price objective 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. Northland Securities lowered their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Price Performance

NYSE CHGG traded up $0.05 during mid-day trading on Thursday, hitting $1.76. The company’s stock had a trading volume of 3,180,126 shares, compared to its average volume of 3,619,323. Chegg has a 52-week low of $1.34 and a 52-week high of $11.48. The stock’s fifty day simple moving average is $1.70 and its two-hundred day simple moving average is $2.74. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same quarter last year, the company earned ($0.07) earnings per share. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. Equities research analysts anticipate that Chegg will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the period. AQR Capital Management LLC boosted its holdings in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the period. Comerica Bank boosted its holdings in Chegg by 349.4% in the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock worth $344,000 after purchasing an additional 35,290 shares during the period. SG Americas Securities LLC boosted its holdings in Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock worth $189,000 after purchasing an additional 75,751 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.