The Goldman Sachs Group Lowers Chegg (NYSE:CHGG) Price Target to $1.75

Chegg (NYSE:CHGG) had its target price reduced by analysts at The Goldman Sachs Group from $3.75 to $1.75 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 2.04% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Morgan Stanley cut 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 report on Tuesday, August 6th. Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday. Northland Securities cut their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Trading Up 0.3 %

Shares of NYSE:CHGG opened at $1.72 on Thursday. Chegg has a 1 year low of $1.34 and a 1 year high of $11.48. The firm has a fifty day moving average price of $1.70 and a 200 day moving average price of $2.70. 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 stock has a market capitalization of $178.89 million, a PE ratio of -0.21, a P/E/G ratio of 0.56 and a beta of 1.32.

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

Institutional Trading of Chegg

Several large investors have recently made changes to their positions in CHGG. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg in the first quarter valued at about $30,000. Janney Montgomery Scott LLC raised its stake in shares of Chegg by 26.1% in the first quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company’s stock worth $831,000 after acquiring an additional 22,701 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Chegg during the first quarter worth approximately $90,000. First Eagle Investment Management LLC increased its holdings in shares of Chegg by 40.6% in the first quarter. First Eagle Investment Management LLC now owns 412,063 shares of the technology company’s stock valued at $3,119,000 after purchasing an additional 118,995 shares in the last quarter. Finally, Banco Santander S.A. raised its position in Chegg by 3.8% in the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock worth $770,000 after purchasing an additional 3,760 shares during the last quarter. 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.