Chegg (NYSE:CHGG) Given Underweight Rating at Piper Sandler

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

A number of other research analysts have also recently weighed in on the company. The Goldman Sachs Group reduced 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. Piper Sandler Companies cut Chegg to an underweight rating and reduced their target price for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Morgan Stanley reduced their target price on Chegg from $8.50 to $7.00 and set an underweight rating on the stock in a report on Friday, April 19th. Needham & Company LLC reiterated a hold rating on shares of Chegg in a report on Tuesday. Finally, Craig Hallum reiterated a hold rating and issued a $7.00 target price (down previously from $13.00) on shares of Chegg in a report on Tuesday. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Chegg has a consensus rating of Hold and a consensus target price of $7.72.

Chegg Price Performance

CHGG stock opened at $5.17 on Tuesday. Chegg has a 52-week low of $5.11 and a 52-week high of $17.92. The stock’s fifty day simple moving average is $7.66 and its 200-day simple moving average is $9.06. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $524.61 million, a price-to-earnings ratio of -32.28, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter last year, the firm earned $0.16 earnings per share. The business’s revenue was down 8.4% on a year-over-year basis. Equities research analysts expect that Chegg will post 0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CHGG. SG Americas Securities LLC acquired a new position in shares of Chegg during the third quarter worth about $437,000. Commonwealth Equity Services LLC increased its position in shares of Chegg by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after acquiring an additional 1,768 shares during the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Chegg during the third quarter worth about $1,261,000. Mackenzie Financial Corp purchased a new stake in shares of Chegg during the third quarter worth about $549,000. Finally, Bordeaux Wealth Advisors LLC increased its position in shares of Chegg by 11.4% during the third quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock worth $486,000 after acquiring an additional 5,584 shares during the last quarter. 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.