Piper Sandler Cuts Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its price objective lowered by Piper Sandler from $2.00 to $1.50 in a research note published on Thursday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday. Northland Securities decreased their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $7.00 to $3.75 in a report on Tuesday, August 6th. Craig Hallum decreased their target price on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday. Finally, Morgan Stanley lowered their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.69.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.72 on Thursday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.89. The company has a market cap of $179.41 million, a price-to-earnings ratio of -0.22, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. The stock’s 50-day moving average is $1.70 and its two-hundred day moving average is $2.68. Chegg has a 1-year low of $1.34 and a 1-year high of $11.48.

Chegg (NYSE:CHGG) last released its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was down 13.5% compared to the same quarter last year. Analysts forecast that Chegg will post 0.19 EPS for the current fiscal year.

Institutional Trading of Chegg

Several institutional investors and hedge funds have recently bought and sold shares of CHGG. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg in the first quarter valued at about $30,000. Gladius Capital Management LP acquired a new position in Chegg in the 2nd quarter valued at about $27,000. Adero Partners LLC purchased a new stake in Chegg during the 2nd quarter valued at approximately $34,000. Entropy Technologies LP acquired a new stake in Chegg during the 1st quarter worth approximately $90,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the 2nd quarter valued at approximately $60,000. 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.