Chegg, Inc. Forecasted to Earn Q2 2022 Earnings of $0.14 Per Share (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG – Get Rating) – Equities researchers at William Blair lowered their Q2 2022 EPS estimates for Chegg in a research note issued on Tuesday, May 3rd. William Blair analyst S. Sheldon now forecasts that the technology company will post earnings of $0.14 per share for the quarter, down from their prior estimate of $0.16. William Blair currently has a “Market Perform” rating on the stock. William Blair also issued estimates for Chegg’s Q3 2022 earnings at ($0.09) EPS, Q4 2022 earnings at $0.12 EPS, FY2022 earnings at $0.29 EPS, Q1 2023 earnings at $0.13 EPS, Q2 2023 earnings at $0.16 EPS, Q3 2023 earnings at ($0.08) EPS, Q4 2023 earnings at $0.18 EPS and FY2023 earnings at $0.41 EPS.

Chegg (NYSE:CHGG – Get Rating) last announced its quarterly earnings data on Monday, May 2nd. The technology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.08. Chegg had a net margin of 8.90% and a return on equity of 8.71%. During the same quarter last year, the business posted $0.13 earnings per share.

Several other analysts also recently weighed in on CHGG. KeyCorp downgraded shares of Chegg from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 12th. Craig Hallum decreased their target price on shares of Chegg from $35.00 to $18.00 in a research note on Tuesday. Piper Sandler cut shares of Chegg from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $44.00 to $21.00 in a research report on Tuesday. Bank of America cut shares of Chegg from a “buy” rating to a “neutral” rating in a research report on Tuesday. Finally, BMO Capital Markets dropped their target price on shares of Chegg from $38.00 to $22.00 in a report on Tuesday. Thirteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.91.

NYSE CHGG opened at $19.51 on Friday. The company’s 50-day simple moving average is $31.18 and its two-hundred day simple moving average is $31.71. The company has a debt-to-equity ratio of 2.08, a quick ratio of 14.19 and a current ratio of 8.02. Chegg has a one year low of $15.66 and a one year high of $90.50. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 44.34, a price-to-earnings-growth ratio of 1.66 and a beta of 1.11.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Chegg by 18,377.4% during the 1st quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after buying an additional 596,714 shares during the last quarter. First Trust Advisors LP grew its holdings in Chegg by 196.7% during the first quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock worth $6,237,000 after acquiring an additional 108,483 shares during the period. Amundi Pioneer Asset Management Inc. grew its holdings in Chegg by 107.9% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock worth $1,141,000 after acquiring an additional 15,543 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Chegg by 23.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,210 shares of the technology company’s stock valued at $286,000 after purchasing an additional 813 shares during the period. Finally, Advisor Group Holdings Inc. boosted its position in shares of Chegg by 11.2% in the 3rd quarter. Advisor Group Holdings Inc. now owns 78,478 shares of the technology company’s stock valued at $5,339,000 after purchasing an additional 7,929 shares during the period.

About Chegg (Get Rating)

Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

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