Chegg (NYSE:CHGG) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Chegg (NYSE:CHGG) in a research report released on Tuesday, Benzinga reports.

Several other equities analysts have also weighed in on CHGG. Piper Sandler reiterated an underweight rating and set a $6.00 price objective (down previously from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Morgan Stanley raised shares of Chegg from an underweight rating to an equal weight rating and decreased their target price for the stock from $6.50 to $3.25 in a research report on Tuesday, July 16th. Craig Hallum reissued a hold rating and set a $7.00 target price (down from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group downgraded shares of Chegg from a hold rating to an underperform rating and decreased their target price for the stock from $7.00 to $4.00 in a research report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Chegg presently has an average rating of Hold and a consensus target price of $5.47.

Chegg Trading Down 2.2 %

Shares of Chegg stock traded down $0.05 during trading on Tuesday, hitting $2.21. The company’s stock had a trading volume of 712,605 shares, compared to its average volume of 3,494,654. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. Chegg has a 52 week low of $2.11 and a 52 week high of $11.48. The stock has a market cap of $225.90 million, a price-to-earnings ratio of -11.89, a price-to-earnings-growth ratio of 0.56 and a beta of 1.35. The stock has a 50-day moving average price of $3.12 and a two-hundred day moving average price of $5.86.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The firm had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. Equities research analysts anticipate that Chegg will post 0.28 EPS for the current fiscal year.

Institutional Trading of Chegg

Institutional investors have recently modified their holdings of the business. Jump Financial LLC lifted its stake in shares of Chegg by 64.8% during the 4th quarter. Jump Financial LLC now owns 48,200 shares of the technology company’s stock valued at $548,000 after buying an additional 18,944 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Chegg in the 1st quarter worth approximately $1,950,000. Susquehanna Fundamental Investments LLC purchased a new stake in Chegg in the 1st quarter worth approximately $2,599,000. Harber Asset Management LLC purchased a new stake in Chegg in the 4th quarter worth approximately $2,927,000. Finally, BNP Paribas Financial Markets lifted its stake in Chegg by 221.5% in the 4th quarter. BNP Paribas Financial Markets now owns 572,918 shares of the technology company’s stock worth $6,508,000 after purchasing an additional 394,714 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other 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.