Chegg (NYSE:CHGG) Stock Rating Upgraded by The Goldman Sachs Group

Chegg (NYSE:CHGG) was upgraded by investment analysts at The Goldman Sachs Group from a “sell” rating to a “neutral” rating in a report released on Tuesday, MarketBeat reports. The brokerage presently has a $3.75 price objective on the technology company’s stock, down from their prior price objective of $7.00. The Goldman Sachs Group’s price target indicates a potential upside of 69.68% from the company’s current price.

A number of other brokerages have also recently issued reports on CHGG. Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $7.00 to $4.00 in a research note on Tuesday, April 30th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday. Craig Hallum reissued a “hold” rating and issued a $7.00 target price (down previously from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Piper Sandler reissued an “underweight” rating and issued a $6.00 target price (down previously from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Finally, Morgan Stanley raised Chegg from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $6.50 to $3.25 in a report on Tuesday, July 16th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.47.

Chegg Stock Down 3.1 %

Shares of NYSE:CHGG opened at $2.21 on Tuesday. The stock has a fifty day simple moving average of $3.15 and a two-hundred day simple moving average of $5.88. The stock has a market capitalization of $225.90 million, a price-to-earnings ratio of -11.63, a PEG ratio of 0.56 and a beta of 1.35. Chegg has a 12-month low of $2.11 and a 12-month high of $13.11. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The business had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 earnings per share. On average, research analysts anticipate that Chegg will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Chegg

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Chegg in the first quarter worth $30,000. Headlands Technologies LLC purchased a new position in Chegg during the fourth quarter valued at $48,000. Gladius Capital Management LP purchased a new position in Chegg during the second quarter valued at $27,000. Quest Partners LLC purchased a new position in Chegg during the fourth quarter valued at $114,000. Finally, Adero Partners LLC purchased a new position in Chegg during the second quarter valued at $34,000. 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.