Chegg (NYSE:CHGG – Get Free Report) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 2.16% from the company’s previous close.
A number of other equities research analysts have also issued reports on the stock. Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $9.00 to $8.50 in a report on Tuesday. StockNews.com raised shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Piper Sandler Companies lowered shares of Chegg to an “underweight” rating and dropped their price objective for the company from $9.00 to $8.50 in a report on Tuesday. BMO Capital Markets dropped their price objective on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Tuesday. Finally, Morgan Stanley lowered shares of Chegg from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $10.00 to $9.00 in a report on Monday, November 20th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Chegg presently has a consensus rating of “Hold” and an average target price of $12.55.
View Our Latest Stock Report on CHGG
Chegg Price Performance
NYSE:CHGG traded down $0.49 during trading hours on Tuesday, reaching $8.81. 7,386,870 shares of the company were exchanged, compared to its average volume of 2,970,095. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.58. The stock’s 50-day moving average is $10.60 and its 200-day moving average is $9.83. The firm has a market cap of $1.02 billion, a PE ratio of -36.71, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Chegg has a twelve month low of $7.32 and a twelve month high of $18.77.
Chegg (NYSE:CHGG – Get Free Report) last released its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a net margin of 1.41% and a return on equity of 2.02%. The business had revenue of $187.99 million during the quarter, compared to analyst estimates of $185.94 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Chegg will post 0.3 earnings per share for the current fiscal year.
Insider Buying and Selling at Chegg
In other Chegg news, CFO Andrew J. Brown sold 16,921 shares of Chegg stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $10.02, for a total transaction of $169,548.42. Following the completion of the sale, the chief financial officer now directly owns 91,922 shares in the company, valued at $921,058.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 18,901 shares of company stock worth $189,984 over the last three months. Insiders own 2.60% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new position in shares of Chegg in the second quarter valued at approximately $25,000. AM Squared Ltd purchased a new position in Chegg in the first quarter worth approximately $47,000. Headlands Technologies LLC purchased a new position in Chegg in the fourth quarter worth approximately $48,000. Tower Research Capital LLC TRC lifted its stake in Chegg by 58.4% in the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after acquiring an additional 2,043 shares during the last quarter. Finally, Captrust Financial Advisors lifted its stake in Chegg by 79.6% in the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after acquiring an additional 892 shares during the last quarter. Hedge funds and other institutional investors own 97.15% of the company’s stock.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.
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