Chegg, Inc. $CHGG Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has significantly reduced its stake in Chegg, Inc. by 40.7%, now owning approximately 631,484 shares valued at $404,000.
• Chegg's stock is currently trading at $1.51, with a 1-year high of $2.73 and a 1-year low of $0.44, reflecting its volatility in the market.
• Zacks Research has upgraded Chegg from a "hold" rating to a "strong-buy" rating, indicating a positive shift in analyst sentiment regarding the company's future performance.

Goldman Sachs Group Inc. reduced its stake in Chegg, Inc. (NYSE:CHGG - Free Report) by 40.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 631,484 shares of the technology company's stock after selling 433,750 shares during the period. Goldman Sachs Group Inc. owned approximately 0.59% of Chegg worth $404,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in Chegg in the 1st quarter valued at $56,000. Acadian Asset Management LLC increased its holdings in Chegg by 11.2% in the 1st quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company's stock valued at $2,664,000 after purchasing an additional 421,796 shares in the last quarter. Empowered Funds LLC increased its holdings in Chegg by 8.5% in the 1st quarter. Empowered Funds LLC now owns 424,563 shares of the technology company's stock valued at $271,000 after purchasing an additional 33,269 shares in the last quarter. AQR Capital Management LLC increased its holdings in Chegg by 95.9% in the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company's stock valued at $1,925,000 after purchasing an additional 1,474,640 shares in the last quarter. Finally, CW Advisors LLC acquired a new stake in Chegg in the 1st quarter valued at $32,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Price Performance

NYSE:CHGG opened at $1.51 on Friday. The firm has a 50-day moving average of $1.41 and a two-hundred day moving average of $1.11. The stock has a market cap of $163.04 million, a P/E ratio of -0.58 and a beta of 1.85. Chegg, Inc. has a 1-year low of $0.44 and a 1-year high of $2.73.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Chegg from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $1.70.

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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