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

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

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

Chegg Stock Performance

Shares of NYSE CHGG opened at $6.82 on Friday. The company’s fifty day moving average price is $7.94 and its 200 day moving average price is $9.13. Chegg has a 1 year low of $6.63 and a 1 year high of $18.71. The company has a market capitalization of $702.12 million, a PE ratio of -42.63, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. 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 (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $185.94 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, research analysts predict that Chegg will post 0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sylebra Capital LLC acquired a new stake in Chegg during the 3rd quarter worth $61,286,000. Boston Partners acquired a new stake in Chegg during the 4th quarter worth $12,091,000. Federated Hermes Inc. boosted its stake in Chegg by 229.8% during the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after purchasing an additional 873,984 shares during the period. Vanguard Group Inc. raised its position in Chegg by 7.5% during the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after buying an additional 809,530 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Chegg by 39.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after buying an additional 750,677 shares during the last quarter. Institutional investors and hedge funds 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.