Assenagon Asset Management S.A. Sells 26,251 Shares of Chegg, Inc. (NYSE:CHGG)

Assenagon Asset Management S.A. decreased its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 8.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 272,504 shares of the technology company’s stock after selling 26,251 shares during the quarter. Assenagon Asset Management S.A. owned about 0.26% of Chegg worth $439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CHGG. Pallas Capital Advisors LLC increased its holdings in shares of Chegg by 60.5% in the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after purchasing an additional 6,658 shares during the period. American Century Companies Inc. grew its holdings in shares of Chegg by 11.2% during the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after purchasing an additional 11,992 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Chegg by 26.4% in the third quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock worth $129,000 after purchasing an additional 15,180 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after buying an additional 18,320 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in Chegg by 5.3% during the third quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock worth $659,000 after purchasing an additional 18,894 shares during the last quarter. Institutional investors own 95.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CHGG shares. Morgan Stanley reissued an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Piper Sandler reduced their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. The Goldman Sachs Group dropped their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Northland Securities reduced their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Thursday, January 16th. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, Chegg presently has an average rating of “Hold” and a consensus target price of $4.50.

Chegg Price Performance

Shares of Chegg stock opened at $1.46 on Friday. The stock’s fifty day moving average is $1.88 and its 200 day moving average is $2.04. Chegg, Inc. has a one year low of $1.34 and a one year high of $10.50. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $152.50 million, a P/E ratio of -0.18 and a beta of 1.40.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. The business had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Sell-side analysts anticipate that Chegg, Inc. will post 0.12 earnings per share for the current year.

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.