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

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

Other research analysts have also recently issued research reports about the stock. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. Morgan Stanley decreased their price target 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. Piper Sandler decreased their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Wednesday. Three equities 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 company presently has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Price Performance

NYSE:CHGG traded up $0.05 during midday trading on Thursday, reaching $1.76. 3,180,126 shares of the stock traded hands, compared to its average volume of 3,619,323. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The business has a 50-day moving average of $1.70 and a two-hundred day moving average of $2.74. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31.

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

Institutional Trading of Chegg

Several institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd grew its position in shares of Chegg by 85.6% in the third quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company’s stock valued at $200,000 after purchasing an additional 51,837 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the period. Firsthand Capital Management Inc. grew its position in shares of Chegg by 1,030.4% in the third quarter. Firsthand Capital Management Inc. now owns 260,000 shares of the technology company’s stock valued at $460,000 after purchasing an additional 237,000 shares during the period. BNP Paribas Financial Markets grew its position in shares of Chegg by 389.4% in the third quarter. BNP Paribas Financial Markets now owns 100,774 shares of the technology company’s stock valued at $178,000 after purchasing an additional 80,183 shares during the period. Finally, FMR LLC grew its position in shares of Chegg by 12.5% in the third quarter. FMR LLC now owns 323,018 shares of the technology company’s stock valued at $572,000 after purchasing an additional 35,892 shares during the period. Institutional investors and hedge funds 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.