Ghe LLC Decreases Holdings in Chegg, Inc. (NYSE:CHGG)

Ghe LLC decreased its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 60.7% in the fourth quarter, HoldingsChannel reports. The fund owned 19,858 shares of the technology company’s stock after selling 30,659 shares during the quarter. Ghe LLC’s holdings in Chegg were worth $226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Moors & Cabot Inc. bought a new position in Chegg in the 3rd quarter worth $98,000. Shell Asset Management Co. boosted its holdings in shares of Chegg by 48.8% during the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after purchasing an additional 3,748 shares during the last quarter. CI Investments Inc. bought a new position in shares of Chegg during the 3rd quarter valued at about $139,000. Sherbrooke Park Advisers LLC boosted its holdings in shares of Chegg by 62.7% during the 3rd 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 during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Chegg by 20.7% during the 3rd 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 during the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Trading Down 0.4 %

Chegg stock traded down $0.03 during midday trading on Wednesday, reaching $6.81. The stock had a trading volume of 2,097,929 shares, compared to its average volume of 2,649,776. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. Chegg, Inc. has a 52-week low of $6.63 and a 52-week high of $18.71. The firm has a market cap of $691.18 million, a price-to-earnings ratio of -42.50, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26. The company has a fifty day moving average of $7.91 and a 200 day moving average of $9.12.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company had revenue of $187.99 million for the quarter, compared to analyst estimates of $185.94 million. During the same period in the prior year, the company posted $0.16 EPS. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, analysts anticipate that Chegg, Inc. will post 0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CHGG has been the subject of several research reports. The Goldman Sachs Group dropped their price objective on shares of Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. JPMorgan Chase & Co. decreased their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Morgan Stanley decreased their target price on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. Piper Sandler Companies cut shares of Chegg to an “underweight” rating and decreased their target price for the company from $9.00 to $8.50 in a research report on Tuesday, February 6th. Finally, Piper Sandler cut shares of Chegg from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $9.00 to $8.50 in a research report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and an average target price of $10.00.

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.