Chegg (NYSE:CHGG) Given New $4.00 Price Target at Northland Securities

Chegg (NYSE:CHGG) had its price target cut by Northland Securities from $6.00 to $4.00 in a research note released on Monday, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

CHGG has been the subject of a number of other research reports. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $7.00 to $3.75 in a research report on Tuesday, August 6th. Morgan Stanley reduced their price objective on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Piper Sandler reduced their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Finally, StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, Chegg has a consensus rating of “Hold” and a consensus target price of $5.25.

Chegg Stock Performance

NYSE:CHGG opened at $1.52 on Monday. The firm’s fifty day simple moving average is $1.86 and its 200 day simple moving average is $3.36. Chegg has a twelve month low of $1.48 and a twelve month high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a market cap of $154.86 million, a P/E ratio of -7.97, a price-to-earnings-growth ratio of 0.55 and a beta of 1.31.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The business had revenue of $163.10 million for the quarter, compared to analysts’ expectations of $160.02 million. During the same period in the previous year, the firm posted $0.01 EPS. The business’s revenue was down 10.8% on a year-over-year basis. As a group, research analysts predict that Chegg will post 0.19 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CHGG. Quent Capital LLC increased its stake in shares of Chegg by 98.5% in the 3rd quarter. Quent Capital LLC now owns 60,460 shares of the technology company’s stock worth $107,000 after purchasing an additional 30,000 shares in the last quarter. SG Americas Securities LLC grew its holdings in Chegg by 242.5% during 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 period. Susquehanna Fundamental Investments LLC increased its position in Chegg by 76.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 607,250 shares of the technology company’s stock worth $1,919,000 after buying an additional 263,927 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Chegg by 207.5% in the second quarter. Mackenzie Financial Corp now owns 348,555 shares of the technology company’s stock worth $1,101,000 after buying an additional 235,197 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after buying an additional 1,361,710 shares during the period. 95.18% of the stock is currently owned by 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.