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

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

A number of other research firms also recently commented on CHGG. Piper Sandler downgraded shares of Chegg from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Morgan Stanley dropped their target price on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Friday, April 19th. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. 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. Finally, 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. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $7.72.

Chegg Stock Up 1.0 %

CHGG stock opened at $7.17 on Tuesday. Chegg has a 52 week low of $6.63 and a 52 week high of $17.92. The company has a market capitalization of $728.26 million, a price-to-earnings ratio of -44.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The firm’s 50-day moving average is $7.74 and its two-hundred day moving average is $9.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Chegg by 7.5% during the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after purchasing an additional 809,530 shares in the last quarter. Sylebra Capital LLC purchased a new position in Chegg during the third quarter valued at approximately $61,286,000. Jacobs Levy Equity Management Inc. grew its position in Chegg by 14.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock valued at $23,758,000 after purchasing an additional 337,680 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Chegg by 39.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock valued at $30,084,000 after purchasing an additional 750,677 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Chegg by 229.8% in the fourth quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after acquiring an additional 873,984 shares in the last quarter. 95.18% of the stock is 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.