Walleye Capital LLC trimmed its stake in Chegg, Inc. (NYSE:CHGG – Get Rating) by 71.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,946 shares of the technology company’s stock after selling 98,015 shares during the quarter. Walleye Capital LLC’s holdings in Chegg were worth $1,413,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Sands Capital Management LLC grew its holdings in Chegg by 6.9% in the first quarter. Sands Capital Management LLC now owns 4,301,885 shares of the technology company’s stock worth $156,072,000 after purchasing an additional 277,333 shares during the period. Capital Research Global Investors acquired a new stake in Chegg in the fourth quarter worth $130,324,000. Clearbridge Investments LLC grew its holdings in Chegg by 0.5% in the first quarter. Clearbridge Investments LLC now owns 2,628,689 shares of the technology company’s stock worth $95,369,000 after purchasing an additional 13,278 shares during the period. Granahan Investment Management LLC grew its holdings in Chegg by 60.5% in the first quarter. Granahan Investment Management LLC now owns 2,598,021 shares of the technology company’s stock worth $94,256,000 after purchasing an additional 979,467 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Chegg by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,738,791 shares of the technology company’s stock worth $53,380,000 after purchasing an additional 11,403 shares during the period. 95.61% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have commented on CHGG shares. Northland Securities upgraded shares of Chegg from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $27.00 to $30.00 in a report on Thursday, September 8th. Piper Sandler dropped their price objective on shares of Chegg from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of Chegg from $22.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 29th. The Goldman Sachs Group initiated coverage on shares of Chegg in a research note on Friday, July 15th. They issued a “neutral” rating and a $20.00 price objective on the stock. Finally, TheStreet raised shares of Chegg from a “d+” rating to a “c-” rating in a research note on Monday, August 22nd. Thirteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.27.
Chegg Stock Down 7.8 %
Chegg (NYSE:CHGG – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. The business had revenue of $194.72 million for the quarter, compared to analyst estimates of $189.40 million. Chegg had a net margin of 5.69% and a return on equity of 7.93%. Research analysts expect that Chegg, Inc. will post 0.28 earnings per share for the current fiscal year.
Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.
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