Chegg (NYSE:CHGG) Price Target Cut to $1.75 by Analysts at The Goldman Sachs Group

Chegg (NYSE:CHGG) had its price target decreased by The Goldman Sachs Group from $3.75 to $1.75 in a report issued on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the technology company’s stock.

Several other research firms have also weighed in on CHGG. Piper Sandler cut their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday. Northland Securities cut their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Morgan Stanley cut their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Craig Hallum cut their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Stock Performance

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 firm has a market capitalization of $179.41 million, a PE ratio of -0.22, a P/E/G ratio of 0.61 and a beta of 1.32. The firm has a 50 day moving average of $1.70 and a two-hundred day moving average of $2.66.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) 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 company had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same period last year, the firm posted ($0.07) EPS. Chegg’s revenue for the quarter was down 13.5% compared to the same quarter last year. On average, analysts anticipate that Chegg will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Chegg

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the first quarter worth $30,000. Janney Montgomery Scott LLC grew its holdings in shares of Chegg by 26.1% during the first quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company’s stock worth $831,000 after buying an additional 22,701 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Chegg during the first quarter worth $90,000. First Eagle Investment Management LLC grew its holdings in shares of Chegg by 40.6% during the first quarter. First Eagle Investment Management LLC now owns 412,063 shares of the technology company’s stock worth $3,119,000 after buying an additional 118,995 shares in the last quarter. Finally, Banco Santander S.A. grew its holdings in shares of Chegg by 3.8% during the first quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock worth $770,000 after buying an additional 3,760 shares in the last quarter. Hedge funds and other 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.