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

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

A number of other research firms have also issued reports on CHGG. Craig Hallum lowered their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday. Morgan Stanley dropped their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Piper Sandler decreased their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday. Northland Securities reduced their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.69.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.72 on Thursday. The stock has a market cap of $178.89 million, a P/E ratio of -0.21, a P/E/G ratio of 0.56 and a beta of 1.32. The firm’s 50-day simple moving average is $1.70 and its 200 day simple moving average is $2.70. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $136.59 million for the quarter, compared to the consensus estimate 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 was down 13.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) EPS. Equities analysts expect that Chegg will post 0.19 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its stake in shares of Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the period. AQR Capital Management LLC raised its holdings in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. Comerica Bank boosted its position in Chegg by 349.4% during the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock valued at $344,000 after purchasing an additional 35,290 shares during the last quarter. SG Americas Securities LLC grew its stake in Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after purchasing an additional 75,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares during the last quarter. Institutional investors and hedge funds 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.