Chegg (NYSE:CHGG) PT Lowered to $7.00 at Morgan Stanley

Chegg (NYSE:CHGG) had its price target cut by equities research analysts at Morgan Stanley from $8.50 to $7.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s target price would indicate a potential downside of 1.27% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. BMO Capital Markets decreased their price target on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research note on Tuesday, February 6th. StockNews.com raised Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Piper Sandler Companies lowered Chegg to an “underweight” rating and decreased their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Finally, The Goldman Sachs Group lowered their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Chegg presently has an average rating of “Hold” and a consensus price target of $10.00.

Chegg Trading Up 0.9 %

Shares of CHGG traded up $0.06 during trading hours on Friday, hitting $7.09. The company had a trading volume of 1,091,029 shares, compared to its average volume of 2,666,847. Chegg has a 52-week low of $6.63 and a 52-week high of $18.77. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. The stock’s 50 day moving average price is $8.02 and its 200 day moving average price is $9.15. The firm has a market cap of $729.92 million, a P/E ratio of -44.38, a P/E/G ratio of 1.34 and a beta of 1.26.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS. On average, research analysts predict that Chegg will post 0.26 EPS for the current year.

Institutional Trading of Chegg

Several institutional investors have recently bought and sold shares of CHGG. Alliancebernstein L.P. lifted its stake in shares of Chegg by 0.5% in the third quarter. Alliancebernstein L.P. now owns 150,866 shares of the technology company’s stock worth $3,179,000 after buying an additional 720 shares in the last quarter. Captrust Financial Advisors lifted its position in Chegg by 79.6% in the 1st quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock valued at $73,000 after acquiring an additional 892 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Chegg by 2.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock valued at $628,000 after acquiring an additional 1,768 shares in the last quarter. Vident Advisory LLC boosted its stake in Chegg by 8.3% during the 4th quarter. Vident Advisory LLC now owns 23,149 shares of the technology company’s stock valued at $263,000 after purchasing an additional 1,780 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Chegg by 58.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after purchasing an additional 2,043 shares in the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.