First Eagle Investment Management LLC Acquires 285,000 Shares of Chegg, Inc. (NYSE:CHGG)

First Eagle Investment Management LLC increased its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 69.2% in the second quarter, Holdings Channel.com reports. The fund owned 697,063 shares of the technology company’s stock after buying an additional 285,000 shares during the quarter. First Eagle Investment Management LLC’s holdings in Chegg were worth $2,203,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Chegg during the second quarter worth $60,000. Renaissance Technologies LLC increased its stake in Chegg by 44.5% in the 2nd quarter. Renaissance Technologies LLC now owns 682,200 shares of the technology company’s stock worth $2,156,000 after buying an additional 210,191 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chegg by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after buying an additional 433,709 shares in the last quarter. American Century Companies Inc. boosted its position in Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after buying an additional 11,992 shares during the period. Finally, Headlands Technologies LLC grew its stake in Chegg by 6,994.3% in the 2nd quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock worth $103,000 after acquiring an additional 32,104 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Performance

Shares of Chegg stock opened at $1.74 on Friday. The company has a market capitalization of $177.86 million, a PE ratio of -9.16, a P/E/G ratio of 0.68 and a beta of 1.31. The company has a 50-day simple moving average of $2.46 and a two-hundred day simple moving average of $4.31. Chegg, Inc. has a one year low of $1.72 and a one year high of $11.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The company had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. Chegg’s revenue for the quarter was down 10.8% compared to the same quarter last year. Research analysts expect that Chegg, Inc. will post 0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CHGG has been the subject of several research analyst reports. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and decreased their price target for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Piper Sandler lowered their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Craig Hallum cut their price target on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.47.

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.