Needham lifts Chegg Inc. [CHGG] price estimate. Who else is bullish?

Chegg Inc. [NYSE: CHGG] loss -16.61% or -4.06 points to close at $20.38 with a heavy trading volume of 8980576 shares. The company report on January 18, 2023 that Chegg to Announce Fourth Quarter and Full Year 2022 Financial Results.

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Chegg, Inc. (NYSE: CHGG), the leading student-first connected learning platform, announced today that it is scheduled to release its earnings results for the fourth quarter and full fiscal year of 2022, which ended December 31, 2022, on Monday, February 6, 2023, after the market close. Chegg will host a conference call to discuss the fourth quarter and full fiscal year financial results at 1:30 p.m. Pacific Standard Time (4:30 p.m. Eastern Standard Time) on the same day.

To access the call, please dial 1-855-327-6837 or outside the U.S. +1-631-891-4304. A live webcast of the call will also be available at https://investor.chegg.com under the Events & Presentations menu. Participants can also access the call using the Call me™ link for instant telephone access to the event, which will be active 15 minutes before the scheduled start time.

It opened the trading session at $21.98, the shares rose to $23.19 and dropped to $20.06, the range by which the price of stock traded the whole day. The daily chart for CHGG points out that the company has recorded 4.09% gains over the past six months. However, it is still -30.14% lower than its most recent low trading price.

If we look at the average trading volume of 1.51M shares, CHGG reached to a volume of 8980576 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Chegg Inc. [CHGG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CHGG shares is $27.44 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CHGG stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Needham have made an estimate for Chegg Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 18, 2023. The new note on the price target was released on September 26, 2022, representing the official price target for Chegg Inc. stock. Previously, the target price had yet another raise to $30, while Northland Capital analysts kept a Outperform rating on CHGG stock.

The Average True Range (ATR) for Chegg Inc. is set at 1.25, with the Price to Sales ratio for CHGG stock in the period of the last 12 months amounting to 3.28. The Price to Book ratio for the last quarter was 2.46, with the Price to Cash per share for the same quarter was set at 7.60. Price to Free Cash Flow for CHGG in the course of the last twelve months was 10.40 with Quick ratio for the last quarter at 7.20.

Trading performance analysis for CHGG stock

Chegg Inc. [CHGG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -20.70. With this latest performance, CHGG shares dropped by -26.21% in over the last four-week period, additionally plugging by 4.09% over the last 6 months – not to mention a drop of -29.58% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CHGG stock in for the last two-week period is set at 23.89, with the RSI for the last a single of trading hit 17.55, and the three-weeks RSI is set at 30.14 for Chegg Inc. [CHGG]. The present Moving Average for the last 50 days of trading for this stock 26.97, while it was recorded at 23.65 for the last single week of trading, and 23.10 for the last 200 days.

Chegg Inc. [CHGG]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Chegg Inc. [CHGG] shares currently have an operating margin of +10.50 and a Gross Margin at +67.16. Chegg Inc.’s Net Margin is presently recorded at -0.19.

Return on Equity for this stock declined to -0.17, with Return on Assets sitting at -0.06.

Chegg Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.20 and a Current Ratio set at 7.20.

Chegg Inc. [CHGG]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CHGG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Chegg Inc. go to 20.00%.

An analysis of insider ownership at Chegg Inc. [CHGG]

There are presently around $2,381 million, or 97.50% of CHGG stock, in the hands of institutional investors. The top three institutional holders of CHGG stocks are: BAILLIE GIFFORD & CO with ownership of 18,208,551, which is approximately -0.667% of the company’s market cap and around 2.10% of the total institutional ownership; VANGUARD GROUP INC, holding 11,766,644 shares of the stock with an approximate value of $239.8 million in CHGG stocks shares; and BLACKROCK INC., currently with $178.12 million in CHGG stock with ownership of nearly 3.434% of the company’s market capitalization.

Positions in Chegg Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 139 institutional holders increased their position in Chegg Inc. [NYSE:CHGG] by around 12,325,944 shares. Additionally, 131 investors decreased positions by around 22,266,575 shares, while 43 investors held positions by with 82,244,604 shares. The mentioned changes placed institutional holdings at 116,837,123 shares, according to the latest SEC report filing. CHGG stock had 48 new institutional investments in for a total of 4,029,314 shares, while 33 institutional investors sold positions of 3,633,666 shares during the same period.

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