Chegg, Inc. (NYSE:CHGG) Receives $5.47 Consensus Target Price from Analysts

Shares of Chegg, Inc. (NYSE:CHGG) have been given an average recommendation of “Reduce” by the ten ratings firms that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $5.47.

Several equities research analysts recently weighed in on CHGG shares. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Morgan Stanley decreased their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and cut their target price for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Piper Sandler decreased their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Finally, Northland Securities lowered their price target on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Tuesday, August 6th.

Institutional Trading of Chegg

Several large investors have recently added to or reduced their stakes in CHGG. Vanguard Group Inc. increased its stake in shares of Chegg by 7.5% in the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after buying an additional 809,530 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after acquiring an additional 433,709 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of 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 acquiring an additional 2,130,998 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Chegg by 4.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company’s stock worth $20,798,000 after purchasing an additional 105,511 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Chegg by 158.4% during 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 in the last quarter. 95.18% of the stock is owned by institutional investors.

Chegg Stock Performance

Shares of NYSE CHGG opened at $1.54 on Friday. Chegg has a 12 month low of $1.48 and a 12 month high of $11.48. The company has a market cap of $157.42 million, a P/E ratio of -0.25, a P/E/G ratio of 0.55 and a beta of 1.31. The business’s 50 day moving average is $1.95 and its two-hundred day moving average is $3.65. 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 (NYSE:CHGG) last announced its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Chegg’s revenue was down 10.8% compared to the same quarter last year. On average, equities analysts expect that Chegg will post 0.19 EPS for the current 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.