Chegg (NYSE:CHGG) Receives Hold Rating from Needham & Company LLC

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

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group dropped their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report 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. Craig Hallum dropped their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Piper Sandler lowered their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, Morgan Stanley reiterated 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. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, Chegg has a consensus rating of “Hold” and an average target price of $4.50.

Chegg Stock Performance

Shares of NYSE CHGG opened at $1.55 on Thursday. The firm has a fifty day moving average price of $1.91 and a 200-day moving average price of $2.11. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $161.16 million, a PE ratio of -0.19 and a beta of 1.40. Chegg has a 1 year low of $1.34 and a 1 year high of $10.86.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the prior year, the company posted ($0.07) earnings per share. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year. Equities analysts anticipate that Chegg will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CHGG. Bank of New York Mellon Corp increased its stake in Chegg by 4.9% in the 2nd 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 during the period. Rhumbline Advisers increased its stake in Chegg by 7.1% in the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after buying an additional 12,153 shares during the period. Victory Capital Management Inc. increased its stake in Chegg by 939.4% in the 2nd 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 during the period. American Century Companies Inc. increased its stake in Chegg by 11.2% in the 2nd 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 during the period. Finally, Dimensional Fund Advisors LP increased its stake 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 worth $14,488,000 after buying an additional 433,709 shares during the period. Hedge funds and other 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.