Chegg (NYSE:CHGG) Price Target Cut to $7.00 by Analysts at Morgan Stanley

Chegg (NYSE:CHGG) had its price objective cut by Morgan Stanley from $8.50 to $7.00 in a report released on Friday morning, Benzinga reports. They currently have an underweight rating on the technology company’s stock.

CHGG has been the subject of several other research reports. StockNews.com upgraded shares of Chegg from a hold rating to a buy rating in a research report on Tuesday, January 23rd. The Goldman Sachs Group dropped their price objective on shares of Chegg from $8.00 to $7.00 and set a sell rating on the stock in a research note on Tuesday, February 6th. Piper Sandler cut shares of Chegg from a neutral rating to an underweight rating and dropped their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. JPMorgan Chase & Co. dropped their price objective on shares of Chegg from $10.00 to $9.00 and set a neutral rating on the stock in a research note on Tuesday, February 6th. Finally, Piper Sandler Companies cut shares of Chegg to an underweight rating and lowered their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $10.00.

Chegg Trading Up 0.9 %

Shares of NYSE:CHGG opened at $7.10 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg has a twelve month low of $6.63 and a twelve month high of $18.77. The firm has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $9.14.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Chegg by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company’s stock valued at $247,923,000 after purchasing an additional 179,401 shares in the last quarter. Sylebra Capital LLC lifted its holdings in Chegg by 37.0% in the 4th quarter. Sylebra Capital LLC now owns 9,410,827 shares of the technology company’s stock valued at $106,907,000 after purchasing an additional 2,540,238 shares in the last quarter. Sylebra Capital Ltd lifted its holdings in Chegg by 301.6% in the 1st quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company’s stock valued at $59,701,000 after purchasing an additional 2,750,725 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chegg by 81.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock valued at $47,922,000 after purchasing an additional 1,320,462 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Chegg by 14.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock worth $23,758,000 after acquiring an additional 337,680 shares during the period. 95.18% of the stock is currently 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.