Chegg Inc (NYSE:CHGG) reported better-than-expected third-quarter financial results on Monday.
Chegg said third-quarter revenue decreased 4% year-over-year to $157.9 million, which beat the consensus estimate of $152.67 million. The company reported quarterly adjusted earnings of 18 cents per share, which beat analyst estimates of 17 cents per share.
Chegg said it expects fourth-quarter revenue to be in the range of $185 million to $187 million versus estimates of $186.34 million.
Chegg shares dipped 16% to trade at $7.45 on Tuesday.
These analysts made changes to their price targets on Chegg following earnings announcement.
- Piper Sandler cut the price target on Chegg from $13 to $9. Piper Sandler analyst Arvind Ramnani maintained a Neutral rating.
- BMO Capital lowered the price target on Chegg from $12 to $10. BMO Capital analyst Jeffrey Silber maintained a Market Perform rating.
- Goldman Sachs slashed the price target on Chegg from $14 to $10. Goldman Sachs analyst Eric Sheridan maintained a Neutral rating.
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