Pallas Capital Advisors LLC Raises Holdings in Chegg, Inc. (NYSE:CHGG)

Pallas Capital Advisors LLC grew its stake in Chegg, Inc. (NYSE:CHGG) by 60.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 17,659 shares of the technology company’s stock after buying an additional 6,658 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Chegg were worth $28,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Millennium Management LLC lifted its stake in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after acquiring an additional 1,361,710 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after purchasing an additional 312,780 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares in the last quarter. Geode Capital Management LLC increased its holdings in Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after buying an additional 26,574 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Chegg by 14.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock worth $1,613,000 after acquiring an additional 118,403 shares in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Stock Performance

NYSE:CHGG opened at $1.54 on Thursday. The firm’s fifty day simple moving average is $1.92 and its 200-day simple moving average is $2.11. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock has a market cap of $160.63 million, a PE ratio of -0.19 and a beta of 1.40. Chegg, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $11.25.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CHGG shares. Piper Sandler decreased their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Craig Hallum reduced their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Northland Securities cut their price target on shares of 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, The Goldman Sachs Group decreased their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.50.

Chegg Company 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.