Maverick Capital Ltd. Acquires Shares of 216,709 Chegg, Inc. (NYSE:CHGG)

Maverick Capital Ltd. bought a new position in shares of Chegg, Inc. (NYSE:CHGG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 216,709 shares of the technology company’s stock, valued at approximately $685,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Gladius Capital Management LP bought a new stake in Chegg during the 2nd quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Chegg during the first quarter valued at approximately $30,000. Adero Partners LLC bought a new stake in shares of Chegg during the second quarter valued at approximately $34,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Chegg in the second quarter valued at approximately $60,000. Finally, Entropy Technologies LP bought a new position in Chegg in the 1st quarter worth approximately $90,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CHGG shares. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Northland Securities lowered their price objective on Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. Morgan Stanley cut their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $7.00 to $3.75 in a research report on Tuesday, August 6th. Finally, Piper Sandler cut their price objective on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, Chegg has a consensus rating of “Hold” and a consensus target price of $5.47.

Chegg Stock Up 8.6 %

Shares of NYSE CHGG opened at $1.77 on Friday. Chegg, Inc. has a 52-week low of $1.63 and a 52-week 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. The stock has a market cap of $180.92 million, a P/E ratio of -9.32, a P/E/G ratio of 0.58 and a beta of 1.31. The firm has a 50 day moving average price of $2.29 and a 200 day moving average price of $4.06.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.03. The company had revenue of $163.10 million during the quarter, compared to analyst estimates of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The firm’s revenue was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 EPS. Analysts expect that Chegg, Inc. will post 0.19 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.