Piper Sandler Has Lowered Expectations for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its price target decreased by Piper Sandler from $2.00 to $1.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price objective indicates a potential downside of 12.54% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Craig Hallum reduced their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Northland Securities lowered their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Wednesday. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Trading Up 0.3 %

NYSE:CHGG opened at $1.72 on Thursday. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31. The stock’s 50 day simple moving average is $1.70 and its 200-day simple moving average is $2.70. The firm has a market cap of $178.89 million, a P/E ratio of -0.21, a PEG ratio of 0.56 and a beta of 1.32.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. Chegg’s revenue was down 13.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS. Equities analysts anticipate that Chegg will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Chegg

Several hedge funds have recently bought and sold shares of CHGG. Millennium Management LLC raised its stake in Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. AQR Capital Management LLC boosted its position in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after acquiring an additional 2,130,998 shares during the last quarter. Comerica Bank grew its position in shares of Chegg by 349.4% in the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock valued at $344,000 after purchasing an additional 35,290 shares during the period. SG Americas Securities LLC increased its stake in Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after purchasing an additional 75,751 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after buying an additional 433,709 shares during the period. 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.