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

Chegg (NYSE:CHGGFree Report) had its price objective cut by Morgan Stanley from $8.50 to $7.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an underweight rating on the technology company’s stock.

CHGG has been the topic of several other research reports. StockNews.com upgraded shares of Chegg from a hold rating to a buy rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. cut 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. The Goldman Sachs Group cut their price objective on shares of Chegg from $8.00 to $7.00 and set a sell rating on the stock in a report on Tuesday, February 6th. Piper Sandler Companies downgraded shares of Chegg to an underweight rating and cut their price objective for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Finally, BMO Capital Markets cut their price target on shares of Chegg from $11.00 to $10.00 and set a market perform rating on the stock in a report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $10.00.

View Our Latest Stock Analysis on Chegg

Chegg Stock Performance

Shares of Chegg stock opened at $7.09 on Friday. The company has a market capitalization of $729.92 million, a PE ratio of -44.31, a P/E/G 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. The company has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $9.14. Chegg has a one year low of $6.63 and a one year high of $18.77.

Chegg (NYSE:CHGGGet Free Report) last announced its 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 during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The firm’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. Research analysts expect that Chegg will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC boosted its position in Chegg by 185.5% in the 3rd quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock worth $2,621,000 after purchasing an additional 191,165 shares in the last quarter. Trexquant Investment LP purchased a new stake in Chegg in the 3rd quarter worth approximately $3,907,000. AQR Capital Management LLC boosted its position in Chegg by 75.4% in the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after purchasing an additional 298,194 shares in the last quarter. Graham Capital Management L.P. boosted its position in Chegg by 28.2% in the 3rd quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock worth $1,128,000 after purchasing an additional 27,813 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in Chegg by 114.4% in the 3rd quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock worth $2,347,000 after purchasing an additional 140,113 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

About Chegg

(Get Free Report)

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.

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Analyst Recommendations for Chegg (NYSE:CHGG)

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