Assenagon Asset Management S.A. Acquires Shares of 257,581 Chegg, Inc. (NYSE:CHGG)

Assenagon Asset Management S.A. acquired a new stake in shares of Chegg, Inc. (NYSE:CHGG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 257,581 shares of the technology company's stock, valued at approximately $1,950,000. Assenagon Asset Management S.A. owned about 0.25% of Chegg as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Commonwealth Equity Services LLC increased its stake in shares of Chegg by 2.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company's stock valued at $628,000 after purchasing an additional 1,768 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Chegg by 5.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 51,276 shares of the technology company's stock worth $457,000 after buying an additional 2,600 shares in the last quarter. Principal Financial Group Inc. increased its stake in Chegg by 43.9% during the 3rd quarter. Principal Financial Group Inc. now owns 68,887 shares of the technology company's stock worth $614,000 after buying an additional 21,028 shares in the last quarter. Victory Capital Management Inc. increased its stake in Chegg by 20.7% during the 3rd quarter. Victory Capital Management Inc. now owns 20,352 shares of the technology company's stock worth $182,000 after buying an additional 3,486 shares in the last quarter. Finally, GHE LLC increased its stake in Chegg by 5.3% during the 3rd quarter. GHE LLC now owns 50,517 shares of the technology company's stock worth $451,000 after buying an additional 2,548 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research note on Tuesday, April 30th. Craig Hallum restated a "hold" rating and set a $7.00 target price (down from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Piper Sandler restated an "underweight" rating and set a $6.00 target price (down from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Jefferies Financial Group cut Chegg from a "hold" rating to an "underperform" rating and lowered their target price for the stock from $7.00 to $4.00 in a report on Tuesday, April 30th. Finally, Piper Sandler Companies cut Chegg to an "underweight" rating and decreased their price objective for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.31.

Chegg Stock Performance

NYSE CHGG traded down $0.32 during trading hours on Monday, hitting $4.06. The company had a trading volume of 4,829,227 shares, compared to its average volume of 3,029,894. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. Chegg, Inc. has a 1-year low of $4.05 and a 1-year high of $13.11. The company has a market cap of $415.01 million, a PE ratio of -21.37, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. The business has a 50 day moving average of $6.61 and a 200-day moving average of $8.72.

Chegg (NYSE:CHGG - Get Free Report) last released its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $174.35 million during the quarter, compared to analyst estimates of $174.05 million. As a group, equities research analysts expect that Chegg, Inc. will post 0.27 EPS for the current year.

Chegg 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.

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