Credit Suisse AG decreased its position in Chegg, Inc. (NYSE:CHGG – Free Report) by 61.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 561,573 shares of the technology company’s stock after selling 902,242 shares during the quarter. Credit Suisse AG owned approximately 0.47% of Chegg worth $9,154,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of CHGG. Los Angeles Capital Management LLC raised its position in Chegg by 41.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 35,733 shares of the technology company’s stock valued at $903,000 after purchasing an additional 10,527 shares during the last quarter. Swiss National Bank lifted its stake in Chegg by 2.2% in the fourth quarter. Swiss National Bank now owns 305,200 shares of the technology company’s stock worth $7,712,000 after acquiring an additional 6,700 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in Chegg by 91.7% in the first quarter. Y Intercept Hong Kong Ltd now owns 51,689 shares of the technology company’s stock valued at $843,000 after acquiring an additional 24,723 shares in the last quarter. Homestead Advisers Corp purchased a new position in Chegg during the 1st quarter valued at $1,951,000. Finally, Raymond James & Associates raised its holdings in Chegg by 4.5% in the 4th quarter. Raymond James & Associates now owns 103,213 shares of the technology company’s stock worth $2,608,000 after purchasing an additional 4,453 shares in the last quarter. 89.94% of the stock is owned by institutional investors.
Chegg Stock Down 0.2 %
Shares of Chegg stock opened at $9.57 on Monday. The company has a 50-day simple moving average of $9.63 and a two-hundred day simple moving average of $12.55. Chegg, Inc. has a 52-week low of $8.55 and a 52-week high of $30.05. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.13 and a current ratio of 3.13. The stock has a market capitalization of $1.10 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 2.79 and a beta of 1.14.
Chegg (NYSE:CHGG – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). Chegg had a return on equity of 2.48% and a net margin of 37.85%. The firm had revenue of $182.85 million during the quarter, compared to analysts’ expectations of $176.19 million. On average, analysts anticipate that Chegg, Inc. will post 0.28 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the stock. Bank of America reduced their price target on shares of Chegg from $20.00 to $11.00 in a research report on Wednesday, May 3rd. Northland Securities cut Chegg from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 2nd. Barrington Research lowered Chegg from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 2nd. Jefferies Financial Group downgraded Chegg from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $11.00 in a report on Tuesday, May 2nd. Finally, Piper Sandler boosted their target price on shares of Chegg from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. Eleven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and an average price target of $18.62.
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.