Morgan Stanley Increases Chegg (NYSE:CHGG) Price Target to $49.00

Chegg (NYSE:CHGG) had its price objective hoisted by Morgan Stanley from $47.00 to $49.00 in a research report report published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the technology company’s stock.

CHGG has been the topic of a number of other research reports. Barrington Research reissued a buy rating and issued a $50.00 price target on shares of Chegg in a report on Friday, January 31st. ValuEngine raised shares of Chegg from a sell rating to a hold rating in a report on Friday, January 10th. BMO Capital Markets increased their price target on shares of Chegg from $37.00 to $43.00 and gave the stock an outperform rating in a report on Friday, January 10th. Lake Street Capital decreased their price target on shares of Chegg from $38.00 to $35.00 and set a hold rating on the stock in a report on Tuesday, November 5th. Finally, Northland Securities assumed coverage on shares of Chegg in a report on Wednesday, December 4th. They issued a buy rating and a $44.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $47.25.

Shares of NYSE:CHGG opened at $40.08 on Tuesday. The company’s fifty day moving average price is $41.08 and its 200-day moving average price is $37.57. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 105.00, a PEG ratio of 2.91 and a beta of 0.98. Chegg has a one year low of $28.29 and a one year high of $48.22. The company has a debt-to-equity ratio of 1.89, a current ratio of 9.50 and a quick ratio of 9.50.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 10th. The technology company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. The firm had revenue of $125.50 million for the quarter, compared to analyst estimates of $123.05 million. Chegg had a negative net margin of 2.34% and a positive return on equity of 11.53%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 EPS. As a group, equities research analysts expect that Chegg will post 0.46 EPS for the current year.

In other news, VP Robin Tomasello sold 9,406 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $37.03, for a total value of $348,304.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael A. Osier sold 6,115 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $40.26, for a total transaction of $246,189.90. The disclosure for this sale can be found here. Insiders sold a total of 806,197 shares of company stock valued at $31,730,908 in the last ninety days. 5.80% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP bought a new position in Chegg in the 4th quarter worth $7,126,000. Bank of New York Mellon Corp raised its holdings in Chegg by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 468,309 shares of the technology company’s stock worth $17,753,000 after purchasing an additional 8,844 shares in the last quarter. Marshall Wace North America L.P. bought a new position in Chegg in the 4th quarter worth $1,421,000. Penserra Capital Management LLC raised its holdings in Chegg by 76.9% in the 4th quarter. Penserra Capital Management LLC now owns 413,216 shares of the technology company’s stock worth $15,664,000 after purchasing an additional 179,637 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in Chegg by 30.6% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,074,880 shares of the technology company’s stock worth $40,749,000 after purchasing an additional 251,770 shares in the last quarter.

About Chegg

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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