Federated Hermes Inc. Grows Holdings in Chegg, Inc. (NYSE:CHGG)

Federated Hermes Inc. boosted its position in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 229.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,254,339 shares of the technology company's stock after acquiring an additional 873,984 shares during the period. Federated Hermes Inc. owned approximately 1.08% of Chegg worth $14,249,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moors & Cabot Inc. bought a new position in Chegg during the third quarter valued at about $98,000. Shell Asset Management Co. increased its stake in Chegg by 48.8% during the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company's stock valued at $102,000 after acquiring an additional 3,748 shares during the period. CI Investments Inc. bought a new position in Chegg during the third quarter valued at about $139,000. Sherbrooke Park Advisers LLC boosted its holdings in Chegg by 62.7% during the third quarter. Sherbrooke Park Advisers LLC now owns 16,592 shares of the technology company's stock valued at $148,000 after purchasing an additional 6,392 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Chegg by 20.7% during the third quarter. Victory Capital Management Inc. now owns 20,352 shares of the technology company's stock valued at $182,000 after purchasing an additional 3,486 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Chegg from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, February 6th. The Goldman Sachs Group decreased their price objective on Chegg from $8.00 to $7.00 and set a "sell" rating on the stock in a report on Tuesday, February 6th. Piper Sandler downgraded Chegg from a "neutral" rating to an "underweight" rating and decreased their price objective for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Morgan Stanley reduced their target price on Chegg from $8.50 to $7.00 and set an "underweight" rating on the stock in a report on Friday. Finally, Piper Sandler Companies downgraded Chegg to an "underweight" rating and reduced their target price for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.00.

Chegg Price Performance

NYSE:CHGG remained flat at $6.83 during trading hours on Tuesday. The company's stock had a trading volume of 1,901,504 shares, compared to its average volume of 2,656,830. The company's fifty day moving average is $7.94 and its 200 day moving average is $9.13. Chegg, Inc. has a 12-month low of $6.63 and a 12-month high of $18.71. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $702.63 million, a P/E ratio of -42.66, a P/E/G ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same quarter in the prior year, the business earned $0.16 EPS. The business's revenue for the quarter was down 8.4% compared to the same quarter last year. On average, equities research analysts expect that Chegg, Inc. will post 0.26 EPS for the current year.

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.