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

Chegg (NYSE:CHGGGet Free Report)‘s stock had its “hold” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports.

Other equities analysts have also recently issued research reports about the stock. Craig Hallum decreased their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler decreased their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. The Goldman Sachs Group cut their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 target price (down previously from $2.00) on shares of Chegg in a research note on Tuesday. Finally, Northland Securities cut their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, Chegg currently has a consensus rating of “Hold” and a consensus price target of $4.50.

View Our Latest Stock Analysis on Chegg

Chegg Price Performance

Shares of NYSE:CHGG opened at $1.49 on Thursday. The stock has a market cap of $154.90 million, a PE ratio of -0.19 and a beta of 1.40. The company’s fifty day moving average is $1.91 and its 200 day moving average is $2.10. Chegg has a 52 week low of $1.34 and a 52 week high of $10.80. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGGGet Free Report) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year. Research analysts anticipate that Chegg will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Bank of New York Mellon Corp lifted its stake in shares of Chegg by 4.9% in the second quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock worth $1,548,000 after buying an additional 22,843 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Chegg by 7.1% in the second quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after buying an additional 12,153 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Chegg by 939.4% in the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock worth $1,566,000 after buying an additional 447,784 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Chegg by 11.2% in the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after buying an additional 11,992 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 433,709 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

About Chegg

(Get Free Report)

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.

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