Nuveen LLC Purchases New Holdings in Chegg, Inc. $CHGG

Key Points

• Nuveen LLC has acquired a new stake in Chegg, Inc. valued at approximately $174,000, increasing its ownership to about 0.26% of the company.
• Chegg's share ratings vary, with one strong buy, four hold, and three sell ratings, leading to a consensus rating of "Reduce" and an average target price of $1.70.
• The company has a market cap of $184.70 million and has seen its stock price fluctuate between a 52-week low of $0.44 and a high of $2.73.

Nuveen LLC bought a new stake in Chegg, Inc. (NYSE:CHGG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 271,722 shares of the technology company's stock, valued at approximately $174,000. Nuveen LLC owned about 0.26% of Chegg at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Invesco Ltd. boosted its position in shares of Chegg by 25.6% during the 1st quarter. Invesco Ltd. now owns 433,079 shares of the technology company's stock worth $277,000 after acquiring an additional 88,326 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Chegg by 7.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,828,028 shares of the technology company's stock worth $1,168,000 after purchasing an additional 133,506 shares during the last quarter. Deutsche Bank AG boosted its holdings in Chegg by 5.6% in the first quarter. Deutsche Bank AG now owns 612,038 shares of the technology company's stock valued at $392,000 after purchasing an additional 32,420 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chegg by 78.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company's stock valued at $1,068,000 after purchasing an additional 736,239 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its stake in Chegg by 382.9% in the first quarter. Jefferies Financial Group Inc. now owns 77,269 shares of the technology company's stock valued at $49,000 after purchasing an additional 61,269 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Price Performance

Shares of CHGG stock traded down $0.05 during trading hours on Thursday, hitting $1.61. The stock had a trading volume of 4,668,145 shares, compared to its average volume of 2,873,346. The firm has a market capitalization of $173.87 million, a PE ratio of -0.61 and a beta of 1.85. The stock's 50 day moving average is $1.37 and its 200 day moving average is $1.07. Chegg, Inc. has a twelve month low of $0.44 and a twelve month high of $2.73.

Analyst Ratings Changes

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

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.