Chegg (NYSE:CHGG) Price Target Lowered to $1.75 at The Goldman Sachs Group

Chegg (NYSE:CHGG) had its target price decreased by stock analysts at The Goldman Sachs Group from $3.75 to $1.75 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 4.79% from the stock’s current price.

Several other analysts also recently weighed in on CHGG. Northland Securities reduced their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. Morgan Stanley cut their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Piper Sandler dropped their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday. Finally, Craig Hallum cut their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Stock Up 5.7 %

Chegg stock traded up $0.09 during mid-day trading on Thursday, reaching $1.67. 2,587,240 shares of the company’s stock were exchanged, compared to its average volume of 3,609,649. The company has a fifty day moving average of $1.71 and a 200-day moving average of $2.74. The company has a market cap of $170.71 million, a P/E ratio of -0.21, a P/E/G ratio of 0.63 and a beta of 1.32. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48.

Chegg (NYSE:CHGG) last released its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 1.91% and a negative net margin of 124.05%. The firm had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the previous year, the firm posted ($0.07) EPS. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. Sell-side analysts expect that Chegg will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Chegg

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its holdings in shares of 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 buying an additional 1,361,710 shares during the period. AQR Capital Management LLC increased its holdings in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after purchasing an additional 2,130,998 shares during the period. Comerica Bank lifted its position in shares of 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 in the last quarter. SG Americas Securities LLC boosted 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 worth $189,000 after purchasing an additional 75,751 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Company Profile

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.