Chegg, Inc. (NYSE:CHGG) Stock Position Lifted by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. lifted its holdings in Chegg, Inc. (NYSE:CHGG) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,595 shares of the technology company’s stock after purchasing an additional 2,500 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Chegg were worth $473,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Chegg during the third quarter valued at about $437,000. Commonwealth Equity Services LLC boosted its stake in Chegg by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock valued at $628,000 after buying an additional 1,768 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Chegg during the third quarter valued at about $1,261,000. Mackenzie Financial Corp bought a new position in Chegg during the third quarter valued at about $549,000. Finally, Bordeaux Wealth Advisors LLC boosted its stake in Chegg by 11.4% during the third quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock valued at $486,000 after buying an additional 5,584 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Analyst Upgrades and Downgrades

CHGG has been the subject of several analyst reports. The Goldman Sachs Group reduced their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. BMO Capital Markets reduced their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Piper Sandler Companies downgraded Chegg to an “underweight” rating and reduced their target price for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. JPMorgan Chase & Co. reduced their target price on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Finally, Piper Sandler downgraded Chegg from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $10.00.

Chegg Stock Performance

Shares of CHGG stock opened at $7.10 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. Chegg, Inc. has a fifty-two week low of $6.63 and a fifty-two week high of $18.71. The stock’s 50-day moving average is $7.81 and its two-hundred day moving average is $9.09. The firm has a market cap of $721.15 million, a P/E ratio of -44.69, a PEG ratio of 1.32 and a beta of 1.26.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million for the quarter, compared to analyst estimates of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 EPS. Analysts predict that Chegg, Inc. will post 0.26 earnings per share for the current fiscal 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.