Charles Schwab Investment Management Inc. Raises Holdings in Chegg, Inc. $CHGG

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Chegg, Inc. by 78.8%, now owning approximately 1.59% of the company with a total of 1,670,399 shares.
• Multiple large investors have significantly increased their positions in Chegg, with Jefferies Financial Group raising its stake by 382.9% and Baader Bank increasing by 99.6% during the first quarter.
• Analysts' ratings for Chegg reflect a mixed outlook, with a consensus of "Reduce" and an average price target of $1.70.

Charles Schwab Investment Management Inc. increased its position in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 78.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,670,399 shares of the technology company's stock after purchasing an additional 736,239 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.59% of Chegg worth $1,068,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Jefferies Financial Group Inc. increased its position in shares of Chegg by 382.9% during the first quarter. Jefferies Financial Group Inc. now owns 77,269 shares of the technology company's stock worth $49,000 after purchasing an additional 61,269 shares in the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of Chegg by 99.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 600,001 shares of the technology company's stock worth $384,000 after purchasing an additional 299,428 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Chegg during the first quarter worth approximately $387,000. Wealthfront Advisers LLC grew its holdings in Chegg by 586.4% in the 1st quarter. Wealthfront Advisers LLC now owns 63,885 shares of the technology company's stock valued at $41,000 after buying an additional 54,578 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Chegg by 226.6% in the 1st quarter. Cerity Partners LLC now owns 45,208 shares of the technology company's stock worth $29,000 after acquiring an additional 31,366 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CHGG shares. Zacks Research raised Chegg from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a research note on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Chegg has a consensus rating of "Reduce" and an average price target of $1.70.

Chegg Trading Up 3.9%

NYSE CHGG opened at $1.47 on Tuesday. The stock has a market cap of $158.70 million, a PE ratio of -0.56 and a beta of 1.85. Chegg, Inc. has a twelve month low of $0.44 and a twelve month high of $2.73. The stock has a fifty day simple moving average of $1.33 and a 200-day simple moving average of $1.05.

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.

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