Chegg (NYSE:CHGG) Price Target Cut to $1.00 by Analysts at Piper Sandler

Chegg (NYSE:CHGG) had its price objective reduced by Piper Sandler from $1.50 to $1.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other brokerages have also weighed in on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Tuesday. Craig Hallum reduced their target price 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. The Goldman Sachs Group lowered their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Northland Securities dropped their target price 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, November 13th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.08.

Chegg Stock Performance

NYSE CHGG opened at $1.06 on Tuesday. The company has a market capitalization of $110.04 million, a PE ratio of -0.13 and a beta of 1.41. Chegg has a twelve month low of $1.01 and a twelve month high of $9.14. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The business’s 50-day moving average price is $1.56 and its 200 day moving average price is $1.79.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Chegg by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock worth $15,722,000 after purchasing an additional 180,258 shares in the last quarter. Quinn Opportunity Partners LLC grew its stake in shares of Chegg by 48.6% in the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after purchasing an additional 941,410 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock worth $4,099,000 after purchasing an additional 26,574 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Chegg by 6.8% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company’s stock valued at $3,715,000 after purchasing an additional 147,441 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Chegg by 8.2% during the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock worth $3,629,000 after buying an additional 170,077 shares in the last quarter. Institutional investors and hedge funds 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.