Vanguard Group Inc. Decreases Stock Holdings in Chegg, Inc. (NYSE:CHGG)

Vanguard Group Inc. reduced its holdings in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 5.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,820,481 shares of the technology company's stock after selling 675,700 shares during the quarter. Vanguard Group Inc. owned 9.34% of Chegg worth $96,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CHGG. Alliancebernstein L.P. grew its position in Chegg by 0.5% in the third quarter. Alliancebernstein L.P. now owns 150,866 shares of the technology company's stock worth $3,179,000 after buying an additional 720 shares during the last quarter. Captrust Financial Advisors raised its position in Chegg by 79.6% during the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company's stock valued at $73,000 after buying an additional 892 shares during the period. Commonwealth Equity Services LLC lifted its stake in Chegg by 2.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company's stock worth $628,000 after acquiring an additional 1,768 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Chegg by 58.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company's stock worth $49,000 after acquiring an additional 2,043 shares during the period. Finally, GHE LLC grew its stake in Chegg by 5.3% during the 3rd quarter. GHE LLC now owns 50,517 shares of the technology company's stock valued at $451,000 after acquiring an additional 2,548 shares in the last quarter. Institutional investors own 95.18% of the company's stock.

Chegg Trading Up 1.0 %

Shares of NYSE CHGG traded up $0.07 during midday trading on Friday, reaching $7.13. 2,088,931 shares of the stock were exchanged, compared to its average volume of 2,765,190. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. Chegg, Inc. has a 12 month low of $6.98 and a 12 month high of $18.77. The business has a 50-day simple moving average of $8.48 and a two-hundred day simple moving average of $9.28. The company has a market capitalization of $734.03 million, a price-to-earnings ratio of -44.19, a P/E/G ratio of 1.48 and a beta of 1.26.

Chegg (NYSE:CHGG - Get Free Report) last posted its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.36. The firm had revenue of $187.99 million during the quarter, compared to analysts' expectations of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The company's revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. As a group, equities research analysts expect that Chegg, Inc. will post 0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CHGG shares. Piper Sandler lowered shares of Chegg from a "neutral" rating to an "underweight" rating and dropped their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a "hold" rating to a "buy" rating in a research report on Tuesday, January 23rd. The Goldman Sachs Group cut their target price on Chegg from $8.00 to $7.00 and set a "sell" rating for the company in a research note on Tuesday, February 6th. Piper Sandler Companies lowered Chegg to an "underweight" rating and lowered their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Chegg from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $10.22.

Chegg Company 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.