Chegg (NYSE:CHGG) Stock Rating Reaffirmed by Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports.

A number of other research analysts have also weighed in on CHGG. Jefferies Financial Group lowered shares of Chegg from a “hold” rating to an “underperform” rating and decreased their price target for the company from $7.00 to $4.00 in a research note on Tuesday. Craig Hallum reiterated a “hold” rating and issued a $7.00 price objective (down previously from $13.00) on shares of Chegg in a report on Tuesday. Piper Sandler Companies downgraded shares of Chegg to an “underweight” rating and cut their price objective for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Finally, BMO Capital Markets cut their price objective on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Five 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.com, Chegg presently has a consensus rating of “Hold” and a consensus target price of $7.72.

Chegg Trading Up 1.0 %

CHGG stock opened at $7.17 on Tuesday. The company’s 50-day simple moving average is $7.74 and its 200-day simple moving average is $9.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. Chegg has a 52-week low of $6.63 and a 52-week high of $17.92. The firm has a market cap of $728.26 million, a P/E ratio of -44.81, a PEG ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $187.99 million for the quarter, compared to analyst estimates of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 EPS. As a group, equities analysts forecast that Chegg will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Acadian Asset Management LLC lifted its position in shares of Chegg by 185.5% during the 3rd quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock worth $2,621,000 after purchasing an additional 191,165 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Chegg during the 3rd quarter worth $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 worth $6,188,000 after purchasing an additional 298,194 shares during the last quarter. Graham Capital Management L.P. lifted its position 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 purchasing an additional 27,813 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of Chegg by 114.4% during the 3rd quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock worth $2,347,000 after purchasing an additional 140,113 shares during the last quarter. 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.