Chegg (CHGG) Given New $40.00 Price Target at Morgan Stanley

Chegg (NYSE:CHGG) had its price objective boosted by analysts at Morgan Stanley from $37.00 to $40.00 in a research note issued on Tuesday, April 30th, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 7.41% from the stock’s previous close.

CHGG has been the topic of a number of other research reports. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research report on Friday, February 8th. Berenberg Bank started coverage on shares of Chegg in a report on Wednesday, March 6th. They issued a “buy” rating and a $48.00 price target on the stock. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, April 5th. JPMorgan Chase & Co. upped their price target on shares of Chegg to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, February 12th. Finally, Barrington Research restated an “outperform” rating and issued a $44.00 price target (up from $32.00) on shares of Chegg in a report on Tuesday, February 12th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $39.40.

Chegg stock traded down $0.10 during mid-day trading on Tuesday, reaching $37.24. 821,400 shares of the company’s stock traded hands, compared to its average volume of 1,957,163. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 413.78, a PEG ratio of 12.48 and a beta of 1.22. The company has a quick ratio of 13.96, a current ratio of 13.96 and a debt-to-equity ratio of 1.84. Chegg has a 12-month low of $22.67 and a 12-month high of $41.69.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.09). The business had revenue of $97.40 million for the quarter, compared to analysts’ expectations of $94.69 million. Chegg had a negative net margin of 4.86% and a positive return on equity of 4.73%. Chegg’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 EPS. On average, equities research analysts anticipate that Chegg will post 0.15 earnings per share for the current fiscal year.

In other Chegg news, CFO Andrew J. Brown sold 49,264 shares of the stock in a transaction dated Saturday, February 23rd. The shares were sold at an average price of $38.92, for a total transaction of $1,917,354.88. Following the completion of the sale, the chief financial officer now directly owns 198,947 shares of the company’s stock, valued at $7,743,017.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John E. York sold 12,500 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $35.42, for a total transaction of $442,750.00. Following the sale, the director now directly owns 20,714 shares of the company’s stock, valued at $733,689.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,185,761 shares of company stock worth $45,332,904. 5.80% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. raised its position in shares of Chegg by 41.4% in the 1st quarter. Baillie Gifford & Co. now owns 11,636,625 shares of the technology company’s stock valued at $443,588,000 after purchasing an additional 3,405,917 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Chegg by 12.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,365,544 shares of the technology company’s stock valued at $294,693,000 after purchasing an additional 1,174,038 shares during the last quarter. Vanguard Group Inc raised its position in shares of Chegg by 12.8% in the 3rd quarter. Vanguard Group Inc now owns 10,365,544 shares of the technology company’s stock valued at $294,693,000 after purchasing an additional 1,174,038 shares during the last quarter. BlackRock Inc. raised its position in shares of Chegg by 10.5% in the 1st quarter. BlackRock Inc. now owns 8,122,187 shares of the technology company’s stock valued at $309,618,000 after purchasing an additional 769,776 shares during the last quarter. Finally, Sylebra HK Co Ltd raised its position in shares of Chegg by 4.5% in the 4th quarter. Sylebra HK Co Ltd now owns 6,946,262 shares of the technology company’s stock valued at $197,413,000 after purchasing an additional 301,487 shares during the last quarter.

Chegg Company Profile

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

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Analyst Recommendations for Chegg (NYSE:CHGG)

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