Walleye Capital LLC reduced its stake in Chegg, Inc. (NYSE:CHGG – Get Rating) by 71.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC purchased a new position in shares of Chegg during the 1st quarter worth $446,000. Toroso Investments LLC purchased a new position in shares of Chegg during the 1st quarter worth $230,000. Weiss Multi Strategy Advisers LLC grew its holdings in shares of Chegg by 13.4% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 39,801 shares of the technology company’s stock worth $1,444,000 after purchasing an additional 4,709 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Chegg during the 1st quarter worth $1,632,000. Finally, Delphia USA Inc. acquired a new position in Chegg during the 1st quarter worth about $294,000. 95.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on CHGG. Piper Sandler decreased their target price on Chegg from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 18th. TheStreet raised Chegg from a “d+” rating to a “c-” rating in a research report on Monday, August 22nd. Northland Securities raised Chegg from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $27.00 to $30.00 in a research report on Thursday, September 8th. The Goldman Sachs Group initiated coverage on Chegg in a research note on Friday, July 15th. They set a “neutral” rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Chegg from $22.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 29th. Thirteen research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $29.27.
Chegg Price Performance
Chegg (NYSE:CHGG – Get Rating) last posted its earnings results 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 firm had revenue of $194.72 million for the quarter, compared to the consensus estimate of $189.40 million. Chegg had a net margin of 5.69% and a return on equity of 7.93%. As a group, equities analysts anticipate that Chegg, Inc. will post 0.28 EPS 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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