Seven Eight Capital LP Takes Position in Chegg, Inc. (NYSE:CHGG)

Seven Eight Capital LP bought a new stake in shares of Chegg, Inc. (NYSE:CHGG) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 63,379 shares of the technology company’s stock, valued at approximately $1,033,000. Seven Eight Capital LP owned approximately 0.05% of Chegg as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CHGG. Compagnie Lombard Odier SCmA acquired a new position in Chegg in the fourth quarter valued at about $27,000. CWM LLC boosted its position in Chegg by 80.1% in the first quarter. CWM LLC now owns 1,522 shares of the technology company’s stock valued at $25,000 after buying an additional 677 shares in the last quarter. Captrust Financial Advisors boosted its position in Chegg by 79.6% in the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock valued at $73,000 after buying an additional 892 shares in the last quarter. Pathstone Family Office LLC acquired a new position in Chegg in the fourth quarter valued at about $5,524,000. Finally, Neo Ivy Capital Management acquired a new position in Chegg in the fourth quarter valued at about $79,000. 97.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHGG has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of Chegg in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. BMO Capital Markets boosted their target price on shares of Chegg from $10.00 to $12.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 9th. JPMorgan Chase & Co. boosted their target price on shares of Chegg from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Piper Sandler boosted their target price on shares of Chegg from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Finally, Morgan Stanley boosted their target price on shares of Chegg from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 8th. Eleven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Chegg presently has an average rating of “Hold” and an average price target of $18.62.

Chegg Stock Up 0.4 %

Shares of NYSE CHGG opened at $10.19 on Friday. The stock has a market cap of $1.18 billion, a P/E ratio of 8.86, a P/E/G ratio of 2.96 and a beta of 1.12. The firm has a 50 day moving average price of $9.86 and a 200 day moving average price of $12.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.13 and a current ratio of 3.13. Chegg, Inc. has a 52-week low of $8.55 and a 52-week high of $30.05.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The firm had revenue of $182.85 million for the quarter, compared to analyst estimates of $176.19 million. Chegg had a net margin of 37.85% and a return on equity of 2.48%. Analysts expect that Chegg, Inc. will post 0.28 EPS for the current year.

About Chegg

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 learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.