Morgan Stanley Cuts Chegg (NYSE:CHGG) Price Target to $7.00

Chegg (NYSE:CHGG - Free Report) had its target price trimmed by Morgan Stanley from $8.50 to $7.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an underweight rating on the technology company's stock.

CHGG has been the subject of a number of other research reports. The Goldman Sachs Group reduced their price objective on Chegg from $8.00 to $7.00 and set a sell rating for the company in a research note on Tuesday, February 6th. Piper Sandler lowered 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. Piper Sandler Companies downgraded shares of Chegg to an underweight rating and decreased their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. BMO Capital Markets lowered their price target on Chegg from $11.00 to $10.00 and set a market perform rating on the stock in a report on Tuesday, February 6th. Finally, StockNews.com raised Chegg from a hold rating to a buy rating in a research note on Tuesday, January 23rd. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $10.00.

Chegg Stock Up 0.9 %

Chegg stock traded up $0.06 during trading on Friday, reaching $7.10. The stock had a trading volume of 2,227,872 shares, compared to its average volume of 2,682,385. Chegg has a 52-week low of $6.63 and a 52-week high of $18.77. The business has a 50 day moving average price of $7.98 and a 200 day moving average price of $9.14. 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 has a market cap of $730.42 million, a PE ratio of -44.34, a P/E/G ratio of 1.34 and a beta of 1.26.

Chegg (NYSE:CHGG - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $185.94 million. During the same period last year, the business earned $0.16 EPS. Chegg's revenue for the quarter was down 8.4% compared to the same quarter last year. On average, analysts predict that Chegg will post 0.26 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Chegg by 1.5% in the third quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company's stock valued at $247,923,000 after buying an additional 179,401 shares during the last quarter. Sylebra Capital LLC raised its position in shares of Chegg by 37.0% during the 4th quarter. Sylebra Capital LLC now owns 9,410,827 shares of the technology company's stock valued at $106,907,000 after acquiring an additional 2,540,238 shares in the last quarter. Sylebra Capital Ltd lifted its stake in Chegg by 301.6% during the first quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company's stock worth $59,701,000 after purchasing an additional 2,750,725 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Chegg by 81.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company's stock worth $47,922,000 after purchasing an additional 1,320,462 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Chegg by 14.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company's stock worth $23,758,000 after purchasing an additional 337,680 shares during the period. Hedge funds and other institutional investors own 95.18% of the company's stock.

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.