Needham & Company LLC Reiterates “Hold” Rating for Chegg (NYSE:CHGG)

Needham & Company LLC reiterated their hold rating on shares of Chegg (NYSE:CHGG) in a research report report published on Wednesday morning,Benzinga reports.

Several other brokerages have also recently weighed in on CHGG. Craig Hallum reduced their price target on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Piper Sandler lowered their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a 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. According to MarketBeat.com, Chegg has an average rating of “Hold” and an average price target of $4.69.

Chegg Stock Performance

Shares of CHGG stock opened at $1.72 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock has a fifty day moving average of $1.70 and a 200 day moving average of $2.70. The firm has a market capitalization of $178.89 million, a price-to-earnings ratio of -0.21, a PEG ratio of 0.56 and a beta of 1.32. Chegg has a 52 week low of $1.34 and a 52 week high of $11.48.

Chegg (NYSE:CHGG) last announced its quarterly earnings results 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. The company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. Chegg’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) earnings per share. As a group, research analysts expect that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Gladius Capital Management LP bought a new stake in Chegg in the 2nd quarter worth about $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the 1st quarter valued at about $30,000. Adero Partners LLC bought a new stake in shares of Chegg in the second quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Chegg during the third quarter valued at approximately $56,000. 95.18% of the stock is 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.