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

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

Several other analysts also recently issued reports on CHGG. JPMorgan Chase & Co. cut their price objective on 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 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 Chegg to an underweight rating and cut their price objective for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler downgraded Chegg from a neutral rating to an underweight rating and dropped their target price for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Finally, StockNews.com upgraded Chegg from a hold rating to a buy rating in a report on Tuesday, January 23rd. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Chegg has an average rating of Hold and a consensus price target of $10.00.

Chegg Price Performance

Shares of Chegg stock opened at $7.10 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $7.98 and its two-hundred day moving average price is $9.14. Chegg has a 52 week low of $6.63 and a 52 week high of $18.77.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. Equities research analysts expect that Chegg will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Large investors have recently made changes to their positions in the company. Captrust Financial Advisors grew its stake in shares of 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 buying an additional 892 shares in the last quarter. Virtus Fund Advisers LLC bought a new stake in Chegg during the fourth quarter worth approximately $29,000. Point72 Asset Management L.P. bought a new stake in Chegg during the second quarter worth approximately $25,000. AM Squared Ltd bought a new stake in Chegg during the first quarter worth approximately $47,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Chegg during the first quarter worth approximately $30,000. Institutional investors own 95.18% of the company’s stock.

About Chegg

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.