Baillie Gifford & Co. Lowers Stock Position in Chegg, Inc. (NYSE:CHGG)

Baillie Gifford & Co. decreased its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 52.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,682,387 shares of the technology company's stock after selling 5,236,396 shares during the quarter. Baillie Gifford & Co. owned approximately 4.04% of Chegg worth $53,192,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new position in shares of Chegg during the second quarter valued at about $25,000. AM Squared Ltd purchased a new position in shares of Chegg during the first quarter valued at about $47,000. Tower Research Capital LLC TRC increased its position in shares of Chegg by 58.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company's stock valued at $49,000 after buying an additional 2,043 shares during the period. Captrust Financial Advisors increased its position in shares of 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. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Chegg during the second quarter valued at about $91,000. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Stock Performance

Chegg stock traded down $0.09 during midday trading on Wednesday, reaching $7.50. 2,394,461 shares of the company traded hands, compared to its average volume of 2,732,979. The firm has a market capitalization of $772.13 million, a price-to-earnings ratio of -46.88, a price-to-earnings-growth ratio of 1.49 and a beta of 1.26. The business has a 50 day moving average of $8.27 and a two-hundred day moving average of $9.23. Chegg, Inc. has a 12 month low of $6.98 and a 12 month high of $18.77. 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 (NYSE:CHGG - Get Free Report) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The business had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same period last year, the firm earned $0.16 earnings per share. The company's quarterly revenue was down 8.4% on a year-over-year basis. As a group, research analysts predict that Chegg, Inc. will post 0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Chegg from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, February 6th. Piper Sandler cut shares of Chegg from a "neutral" rating to an "underweight" rating and cut their price objective for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler Companies cut shares of Chegg to an "underweight" rating and cut their price objective for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a "hold" rating to a "buy" rating in a research note on Tuesday, January 23rd. Finally, BMO Capital Markets dropped their target price on shares of Chegg from $11.00 to $10.00 and set a "market perform" rating on the stock in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average 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.