Jefferies Financial Group Downgrades Chegg (NYSE:CHGG) to Underperform

Jefferies Financial Group downgraded shares of Chegg (NYSE:CHGG) from a hold rating to an underperform rating in a research report released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $4.00 price objective on the technology company’s stock, down from their previous price objective of $7.00.

Several other equities research analysts also recently commented on the company. StockNews.com raised Chegg from a hold rating to a buy rating in a report on Tuesday, January 23rd. Piper Sandler downgraded Chegg from a neutral rating to an underweight rating and reduced their target price for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. JPMorgan Chase & Co. reduced 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. The Goldman Sachs Group reduced their price objective on Chegg from $8.00 to $7.00 and set a sell rating for the company in a research note on Tuesday, February 6th. Finally, Morgan Stanley reduced their price objective on Chegg from $8.50 to $7.00 and set an underweight rating for the company in a research note on Friday, April 19th. Five analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $7.31.

Chegg Trading Up 0.6 %

Shares of Chegg stock opened at $5.24 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The firm has a market cap of $535.62 million, a price-to-earnings ratio of -27.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. The business has a fifty day simple moving average of $7.45 and a 200-day simple moving average of $8.99. Chegg has a fifty-two week low of $4.96 and a fifty-two week high of $13.11.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same period in the prior year, the business posted $0.16 earnings per share. Chegg’s revenue was down 8.4% compared to the same quarter last year. On average, equities analysts forecast that Chegg will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

A number of hedge funds and other institutional investors have recently made changes to their positions in CHGG. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the 1st quarter worth about $30,000. Headlands Technologies LLC bought a new position in shares of Chegg in the 4th quarter valued at approximately $48,000. Moors & Cabot Inc. bought a new position in shares of Chegg in the 3rd quarter valued at approximately $98,000. Shell Asset Management Co. raised its stake in shares of Chegg by 48.8% in the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after acquiring an additional 3,748 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Chegg in the 4th quarter valued at approximately $114,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.