Chegg (NYSE:CHGG) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler restated their underweight rating on shares of Chegg (NYSE:CHGG) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $6.00 price objective on the technology company’s stock, down from their previous price objective of $8.50.

CHGG has been the topic of a number of other reports. Morgan Stanley dropped their price objective on shares of Chegg from $8.50 to $7.00 and set an underweight rating on the stock in a research note on Friday, April 19th. Jefferies Financial Group cut Chegg from a hold rating to an underperform rating and dropped their price target for the company from $7.00 to $4.00 in a research report on Tuesday. StockNews.com raised Chegg from a hold rating to a buy rating in a research report on Tuesday, January 23rd. The Goldman Sachs Group dropped their target price on Chegg from $8.00 to $7.00 and set a sell rating on the stock in a report on Tuesday, February 6th. Finally, Piper Sandler Companies downgraded Chegg to an underweight rating and decreased their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $7.31.

Chegg Stock Up 0.6 %

Shares of NYSE CHGG opened at $5.24 on Tuesday. The stock has a market cap of $535.62 million, a PE ratio of -27.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. Chegg has a 52-week low of $4.96 and a 52-week high of $13.11. The business has a 50-day moving average price of $7.45 and a 200 day moving average price of $8.99. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.25.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting the consensus estimate of $0.36. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The company’s revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. Equities research analysts forecast that Chegg will post 0.26 earnings per share for the current year.

Institutional Investors Weigh In On Chegg

Hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its holdings in shares of Chegg by 185.5% in the 3rd quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock valued at $2,621,000 after purchasing an additional 191,165 shares in the last quarter. Trexquant Investment LP purchased a new position in Chegg in the third quarter valued at about $3,907,000. AQR Capital Management LLC lifted its position in shares of Chegg by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock valued at $6,188,000 after acquiring an additional 298,194 shares during the period. Graham Capital Management L.P. boosted its stake in shares of Chegg by 28.2% during the 3rd quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock worth $1,128,000 after acquiring an additional 27,813 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Chegg by 114.4% in the 3rd quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock worth $2,347,000 after acquiring an additional 140,113 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.