Caprock Group LLC Purchases New Shares in Chegg, Inc. (NYSE:CHGG)

Caprock Group LLC acquired a new position in Chegg, Inc. (NYSE:CHGG) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 17,609 shares of the technology company’s stock, valued at approximately $28,000.

Several other hedge funds have also modified their holdings of the company. Pallas Capital Advisors LLC raised its holdings in Chegg by 60.5% in the 4th 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. 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 valued at $129,000 after buying an additional 15,180 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Chegg by 272.2% during 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 period. Empowered Funds LLC lifted its position in shares of Chegg by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock valued at $659,000 after buying an additional 18,894 shares in the last quarter. Finally, Burford Brothers Inc. grew its stake in Chegg by 37.7% in the 3rd quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock valued at $157,000 after acquiring an additional 24,262 shares during the period. 95.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CHGG shares. Morgan Stanley restated an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Piper Sandler decreased their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Northland Securities lowered their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group reduced their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, Chegg currently has an average rating of “Hold” and an average target price of $2.17.

Chegg Trading Up 1.1 %

Shares of Chegg stock opened at $1.43 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $1.80 and its 200-day simple moving average is $1.95. The stock has a market cap of $148.64 million, a P/E ratio of -0.18 and a beta of 1.41. Chegg, Inc. has a 1-year low of $1.34 and a 1-year high of $9.34.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. Analysts predict that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Chegg Profile

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.