Piper Sandler Reiterates “Underweight” Rating for Chegg (NYSE:CHGG)

Chegg (NYSE:CHGG)‘s stock had its “underweight” rating reaffirmed by equities researchers at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They currently have a $6.00 price objective on the technology company’s stock, down from their previous price objective of $8.50. Piper Sandler’s price objective points to a potential upside of 11.52% from the company’s current price.

A number of other analysts have also recently commented on CHGG. Craig Hallum restated a “hold” rating and set a $7.00 target price (down previously from $13.00) on shares of Chegg in a report on Tuesday. Jefferies Financial Group cut shares of Chegg from a “hold” rating to an “underperform” rating and dropped their target price for the company from $7.00 to $4.00 in a report on Tuesday. BMO Capital Markets dropped their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock 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, JPMorgan Chase & Co. dropped their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Chegg currently has an average rating of “Hold” and a consensus target price of $7.72.

Chegg Stock Up 4.1 %

Shares of Chegg stock opened at $5.38 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $7.60 and its two-hundred day simple moving average is $9.04. The company has a market cap of $546.45 million, a P/E ratio of -28.32, a PEG ratio of 1.39 and a beta of 1.26. Chegg has a 12-month low of $4.96 and a 12-month high of $13.11.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.07% and a return on equity of 0.86%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS. Research analysts anticipate that Chegg will post 0.26 EPS for the current year.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in Chegg in the 3rd quarter worth approximately $437,000. Commonwealth Equity Services LLC increased its holdings in Chegg by 2.6% in the 3rd 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 in the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in Chegg in the 3rd quarter worth approximately $1,261,000. Mackenzie Financial Corp purchased a new stake in Chegg in the 3rd quarter worth approximately $549,000. Finally, Bordeaux Wealth Advisors LLC increased its holdings in Chegg by 11.4% in the 3rd 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 in 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.