Geode Capital Management LLC Buys 26,574 Shares of Chegg, Inc. (NYSE:CHGG)

Geode Capital Management LLC boosted its stake in shares of Chegg, Inc. (NYSE:CHGG) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,315,187 shares of the technology company’s stock after buying an additional 26,574 shares during the quarter. Geode Capital Management LLC’s holdings in Chegg were worth $4,099,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after acquiring an additional 2,136,336 shares during the period. AQR Capital Management LLC boosted its position in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the period. Millennium Management LLC increased its holdings in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. Divisadero Street Capital Management LP bought a new position in shares of Chegg in the second quarter valued at about $3,501,000. Finally, Victory Capital Management Inc. raised its holdings in Chegg by 939.4% in the 2nd quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock valued at $1,566,000 after acquiring an additional 447,784 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CHGG. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Craig Hallum decreased their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. The Goldman Sachs Group cut their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Piper Sandler reduced their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Finally, Northland Securities dropped their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Chegg presently has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Price Performance

Chegg stock opened at $1.65 on Monday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg, Inc. has a 52 week low of $1.34 and a 52 week high of $11.25. The stock has a market capitalization of $172.11 million, a P/E ratio of -0.21 and a beta of 1.40. The stock has a fifty day moving average of $1.92 and a 200-day moving average of $2.18.

Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The business’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, sell-side analysts expect that Chegg, Inc. will post 0.12 earnings per share for the current fiscal year.

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.