Firsthand Capital Management Inc. Raises Stock Position in Chegg, Inc. (NYSE:CHGG)

Firsthand Capital Management Inc. raised its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 1,030.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 260,000 shares of the technology company’s stock after acquiring an additional 237,000 shares during the quarter. Chegg makes up about 0.9% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 25th biggest position. Firsthand Capital Management Inc. owned about 0.25% of Chegg worth $460,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CHGG. Quadrature Capital Ltd bought a new position in shares of Chegg during the first quarter worth $155,000. Price T Rowe Associates Inc. MD grew its position in shares of Chegg by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock valued at $545,000 after purchasing an additional 4,250 shares in the last quarter. Comerica Bank grew its position in shares of Chegg by 349.4% during the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock valued at $344,000 after purchasing an additional 35,290 shares in the last quarter. Quent Capital LLC increased its holdings in shares of Chegg by 35.0% in the second quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after purchasing an additional 7,892 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Chegg by 62.7% in the second quarter. Harbor Capital Advisors Inc. now owns 57,529 shares of the technology company’s stock worth $182,000 after buying an additional 22,170 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CHGG. The Goldman Sachs Group reduced their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Craig Hallum decreased their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Northland Securities dropped 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 note on Wednesday, November 13th. Piper Sandler decreased their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Finally, StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.69.

Chegg Trading Down 8.3 %

NYSE CHGG opened at $2.11 on Friday. The stock has a market cap of $220.09 million, a PE ratio of -0.26, a PEG ratio of 1.26 and a beta of 1.32. Chegg, Inc. has a 12 month low of $1.34 and a 12 month high of $11.48. The company’s 50-day moving average price is $1.73 and its 200-day moving average price is $2.49. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

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