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

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

A number of other institutional investors also recently bought and sold shares of CHGG. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Chegg during the third quarter valued at $56,000. Vanguard Personalized Indexing Management LLC bought a new position in Chegg in the 2nd quarter worth about $60,000. Aspire Wealth Management Corp purchased a new position in Chegg during the 3rd quarter worth $69,000. Finally, Royce & Associates LP bought a new stake in shares of Chegg in the third quarter valued at about $91,000. Institutional investors own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CHGG. The Goldman Sachs Group cut their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, Northland Securities reduced their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.50.

Chegg Price Performance

NYSE:CHGG opened at $1.54 on Thursday. The stock’s fifty day moving average is $1.92 and its two-hundred day 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 company has a market capitalization of $160.63 million, a P/E ratio of -0.19 and a beta of 1.40. Chegg, Inc. has a 52 week low of $1.34 and a 52 week high of $11.25.

Chegg (NYSE:CHGG) last announced 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 during 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%. Chegg’s revenue was down 13.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) earnings per share. Equities analysts expect that Chegg, Inc. will post 0.12 EPS for the current 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.