Barrington Research Weighs in on Chegg, Inc.’s FY2023 Earnings (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) – Research analysts at Barrington Research increased their FY2023 EPS estimates for Chegg in a note issued to investors on Tuesday, October 31st. Barrington Research analyst A. Paris now anticipates that the technology company will earn $0.32 per share for the year, up from their prior forecast of $0.28. The consensus estimate for Chegg’s current full-year earnings is $0.27 per share. Barrington Research also issued estimates for Chegg’s Q4 2023 earnings at $0.16 EPS and FY2024 earnings at $0.40 EPS.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The business had revenue of $182.85 million during the quarter, compared to analysts’ expectations of $176.19 million. Chegg had a return on equity of 2.02% and a net margin of 1.41%.

A number of other equities research analysts have also recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Chegg from $14.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday. Morgan Stanley cut their price target on shares of Chegg from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, October 23rd. JPMorgan Chase & Co. dropped their target price on shares of Chegg from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday. Piper Sandler dropped their target price on shares of Chegg from $13.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.91.

Chegg Price Performance

Shares of CHGG opened at $8.34 on Friday. The firm’s 50-day simple moving average is $9.05 and its two-hundred day simple moving average is $10.03. Chegg has a fifty-two week low of $7.32 and a fifty-two week high of $30.05. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.13 and a current ratio of 2.31. The stock has a market cap of $965.94 million, a PE ratio of -34.75, a price-to-earnings-growth ratio of 2.23 and a beta of 1.18.

Institutional Trading of Chegg

Several institutional investors and hedge funds have recently modified their holdings of CHGG. Sylebra Capital Ltd raised its position in shares of Chegg by 144.8% during the 2nd quarter. Sylebra Capital Ltd now owns 8,967,899 shares of the technology company’s stock valued at $79,635,000 after purchasing an additional 5,305,250 shares during the period. Sands Capital Management LLC raised its position in shares of Chegg by 42.0% during the 1st quarter. Sands Capital Management LLC now owns 7,738,094 shares of the technology company’s stock valued at $126,131,000 after purchasing an additional 2,288,020 shares during the period. Norges Bank bought a new stake in shares of Chegg during the 4th quarter valued at $45,304,000. Burgundy Asset Management Ltd. bought a new stake in shares of Chegg during the 2nd quarter valued at $15,683,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Chegg by 81.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock valued at $47,922,000 after purchasing an additional 1,320,462 shares during the period. 97.15% of the stock is currently owned by institutional investors.

About Chegg

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 learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.