Chegg (NYSE:CHGG) had its price objective raised by Morgan Stanley from $47.00 to $49.00 in a research note released on Tuesday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the technology company’s stock.

Several other equities analysts also recently commented on CHGG. Northland Securities initiated coverage on shares of Chegg in a report on Wednesday, December 4th. They issued a buy rating and a $44.00 target price on the stock. Citigroup boosted their target price on shares of Chegg from to and gave the stock a buy rating in a report on Tuesday, January 21st. ValuEngine raised shares of Chegg from a sell rating to a hold rating in a report on Friday, January 10th. Barrington Research reissued a buy rating and issued a $50.00 target price on shares of Chegg in a report on Friday, January 31st. Finally, Zacks Investment Research raised shares of Chegg from a hold rating to a buy rating and set a $46.00 target price on the stock in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $47.25.

NYSE:CHGG traded up $0.18 during trading hours on Tuesday, hitting $40.08. 1,873,810 shares of the stock traded hands, compared to its average volume of 1,682,113. The company has a quick ratio of 9.50, a current ratio of 9.50 and a debt-to-equity ratio of 1.89. Chegg has a 1 year low of $28.29 and a 1 year high of $48.22. The company has a market cap of $4.83 billion, a price-to-earnings ratio of -400.76, a price-to-earnings-growth ratio of 3.93 and a beta of 0.98. The stock has a 50 day moving average price of $41.06 and a 200 day moving average price of $37.59.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 10th. The technology company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Chegg had a negative net margin of 2.34% and a positive return on equity of 11.53%. The business had revenue of $125.50 million for the quarter, compared to the consensus estimate of $123.05 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was up 31.1% on a year-over-year basis. Equities analysts forecast that Chegg will post 0.38 earnings per share for the current fiscal year.

In related news, insider Michael A. Osier sold 24,000 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $44.24, for a total value of $1,061,760.00. Following the sale, the insider now owns 416,741 shares in the company, valued at $18,436,621.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $36.60, for a total transaction of $5,490,000.00. Following the completion of the sale, the chief executive officer now owns 2,322,754 shares in the company, valued at approximately $85,012,796.40. The disclosure for this sale can be found here. Insiders sold 806,197 shares of company stock worth $31,730,908 in the last three months. Insiders own 5.80% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in Chegg in the fourth quarter worth $7,126,000. Bank of New York Mellon Corp increased its position in Chegg by 1.9% in the fourth 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 during the last quarter. Marshall Wace North America L.P. bought a new stake in Chegg in the fourth quarter worth $1,421,000. Penserra Capital Management LLC increased its position in Chegg by 76.9% in the fourth 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 during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Chegg by 30.6% in the fourth 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 during 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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