A share of Chegg Inc. (NYSE:CHGG) closed at $22.15 per share on Wednesday, up from $21.38 day before. While Chegg Inc. has overperformed by 3.60%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, CHGG fell by -74.96%, with highs and lows ranging from $89.83 to $15.66, whereas the simple moving average fell by -21.72% in the last 200 days.
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On July 15, 2022, Goldman started tracking Chegg Inc. (NYSE: CHGG) recommending Neutral. A report published by William Blair on May 03, 2022, Downgraded its rating to ‘Mkt Perform’ for CHGG. Piper Sandler also Downgraded CHGG shares as ‘Neutral’, setting a target price of $21 on the company’s shares in a report dated May 03, 2022. Piper Sandler January 13, 2022d its ‘Neutral’ rating to ‘Overweight’ for CHGG, as published in its report on January 13, 2022. Northland Capital’s report from November 03, 2021 suggests a price prediction of $54 for CHGG shares, giving the stock a ‘Market Perform’ rating. Raymond James also rated the stock as ‘Mkt Perform’.
Analysis of Chegg Inc. (CHGG)
Further, the quarter-over-quarter increase in sales is 1.90%, showing a positive trend in the upcoming months.
Chegg Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. The goal here is to ensure that your current return on equity of 6.00% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 8.00, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and CHGG is registering an average volume of 3.97M. On a monthly basis, the volatility of the stock is set at 4.85%, whereas on a weekly basis, it is put at 4.70%, with a gain of 5.98% over the past seven days. Furthermore, long-term investors anticipate a median target price of $28.27, showing growth from the present price of $22.15, which can serve as yet another indication of whether CHGG is worth investing in or should be passed over.
How Do You Analyze Chegg Inc. Shares?
A giant in the Education & Training Services market, Chegg Inc. (CHGG) is based in the USA. When comparing Chegg Inc. shares with other companies under Consumer Defensive, the P/E value is an influential factor to note. This is because it represents an indication of the future growth of the company in terms of investors’ expectations. Ultimately, the value of the latter should demonstrate steady, rapid growth, which is an accurate measure of the company’s progress. In addition to the value of 48.90, there is a growth in quarterly earnings of 108.90%.
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.60%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in CHGG shares?
The recent increase in stakes in CHGG appears to be a result of several institutional investors and hedge funds increasing their positions. Baillie Gifford & Co.’s position in CHGG has decreased by -1.85% in the first quarter. The company now owns 18,657,337 shares of the stock, with a value of $350.38 million, following the sale of -351,670 additional shares during the last quarter. The Vanguard Group, Inc. made another decreased to its shares in CHGG during the first quarter, downing its stake by -5.48%. During the last quarter, the company picked up -667,150 additional shares for a total stake of worth $215.9 million, bringing number of shares owned by the company to 11,496,317.
During the first quarter, Artisan Partners LP added a 910,943 position in CHGG. Wellington Management Co. LLP purchased an additional 0.64 million shares in the last quarter, increasing its holdings by 14.40%, now holding 5.12 million shares worth $96.07 million. At the end of the first quarter, Weatherbie Capital LLC increased its CHGG holdings by 20.14% and now holds 5.06 million CHGG shares valued at $95.06 million with the added 0.85 million shares during the period.