Needham & Company LLC Reaffirms Hold Rating for Chegg (NYSE:CHGG)

Needham & Company LLC reaffirmed their hold rating on shares of Chegg (NYSE:CHGG) in a research report released on Tuesday, Benzinga reports.

A number of other brokerages have also recently issued reports on CHGG. Piper Sandler Companies cut Chegg to an underweight rating and lowered their target price for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. BMO Capital Markets lowered their target price on Chegg from $11.00 to $10.00 and set a market perform rating for the company in a report on Tuesday, February 6th. Piper Sandler cut Chegg from a neutral rating to an underweight rating and lowered their target price for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. JPMorgan Chase & Co. lowered their target price on Chegg from $10.00 to $9.00 and set a neutral rating for the company in a report on Tuesday, February 6th. Finally, Jefferies Financial Group cut Chegg from a hold rating to an underperform rating and lowered their target price for the stock from $7.00 to $4.00 in a report on Tuesday. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $7.72.

Chegg Stock Performance

Shares of NYSE CHGG opened at $5.21 on Tuesday. The stock has a 50 day moving average price of $7.53 and a 200 day moving average price of $9.01. Chegg has a 52 week low of $4.96 and a 52 week high of $13.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.80 and a current ratio of 0.92. The stock has a market capitalization of $532.57 million, a PE ratio of -27.42, a price-to-earnings-growth ratio of 1.01 and a beta of 1.35.

Chegg (NYSE:CHGG) last posted 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 return on equity of 0.87% and a net margin of 2.07%. The company had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter in the previous year, the firm earned $0.16 EPS. Chegg’s revenue was down 8.4% on a year-over-year basis. Analysts predict that Chegg will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several institutional investors and hedge funds have recently made changes to their positions in CHGG. SG Americas Securities LLC bought a new position in Chegg in the third quarter worth approximately $437,000. Commonwealth Equity Services LLC boosted its holdings in Chegg by 2.6% in the third 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. bought a new position in Chegg in the third quarter worth approximately $1,261,000. Mackenzie Financial Corp bought a new position in Chegg in the third quarter worth approximately $549,000. Finally, Bordeaux Wealth Advisors LLC boosted its holdings in Chegg by 11.4% in the third 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. Institutional investors own 95.18% of the company’s stock.

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.