Northland Securities Cuts Chegg (NYSE:CHGG) Price Target to $3.00

Chegg (NYSE:CHGG) had its price target reduced by Northland Securities from $4.00 to $3.00 in a report released on Wednesday morning,Benzinga reports. Northland Securities currently has a market perform rating on the technology company’s stock.

Several other equities analysts also recently commented on CHGG. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Craig Hallum reduced their price objective on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Finally, Morgan Stanley dropped their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.69.

Chegg Trading Up 0.3 %

Shares of NYSE:CHGG opened at $1.72 on Wednesday. Chegg has a 52-week low of $1.34 and a 52-week high of $11.48. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.89 and a current ratio of 0.91. The company has a market capitalization of $178.89 million, a P/E ratio of -0.21, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. The company has a 50-day simple moving average of $1.70 and a 200 day simple moving average of $2.70.

Chegg (NYSE:CHGG) 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. The company had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The business’s revenue was down 13.5% on a year-over-year basis. During the same period last year, the firm posted ($0.07) earnings per share. Sell-side analysts forecast that Chegg will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Chegg

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in Chegg in the first quarter valued at approximately $30,000. Gladius Capital Management LP acquired a new position in shares of Chegg during the 2nd quarter worth $27,000. Adero Partners LLC acquired a new position in shares of Chegg during the 2nd quarter worth $34,000. Entropy Technologies LP acquired a new stake in Chegg in the first quarter valued at about $90,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Chegg in the second quarter valued at about $60,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.