Chegg’s (CHGG) “Hold” Rating Reaffirmed at Needham & Company LLC

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

Several other equities analysts have also recently weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of Chegg from $8.00 to $7.00 and set a sell rating on the stock in a research report on Tuesday, February 6th. Piper Sandler cut shares of Chegg from a neutral rating to an underweight rating and dropped their price target for the company from $9.00 to $8.50 in a research report on Tuesday, February 6th. BMO Capital Markets decreased their price objective on shares of Chegg from $11.00 to $10.00 and set a market perform rating for the company in a research note on Tuesday, February 6th. Piper Sandler Companies lowered shares of Chegg to an underweight rating and decreased their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, Jefferies Financial Group lowered shares of Chegg from a hold rating to an underperform rating and decreased their price objective for the company from $7.00 to $4.00 in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $7.72.

Chegg Stock Performance

NYSE CHGG opened at $5.17 on Tuesday. 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 company has a market capitalization of $524.61 million, a price-to-earnings ratio of -32.28, a PEG ratio of 1.38 and a beta of 1.26. The stock has a fifty day simple moving average of $7.66 and a 200 day simple moving average of $9.06. Chegg has a twelve month low of $5.11 and a twelve month high of $17.92.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHGG. Allspring Global Investments Holdings LLC bought a new position in Chegg in the 1st quarter valued at $30,000. Headlands Technologies LLC bought a new position in Chegg in the 4th quarter valued at $48,000. Moors & Cabot Inc. bought a new position in Chegg in the 3rd quarter valued at $98,000. Shell Asset Management Co. boosted its holdings in Chegg by 48.8% in the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after purchasing an additional 3,748 shares during the period. Finally, Quest Partners LLC bought a new position in Chegg in the 4th quarter valued at $114,000. 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.