Chegg, Inc. (NYSE:CHGG) Position Lowered by Boston Partners

Boston Partners reduced its position in Chegg, Inc. (NYSE:CHGG) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,075,135 shares of the technology company’s stock after selling 14,565 shares during the quarter. Boston Partners’ holdings in Chegg were worth $8,041,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vontobel Holding Ltd. grew its position in shares of Chegg by 8.3% during the 4th quarter. Vontobel Holding Ltd. now owns 55,128 shares of the technology company’s stock valued at $626,000 after buying an additional 4,240 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Chegg by 123.1% during the fourth quarter. Mackenzie Financial Corp now owns 141,400 shares of the technology company’s stock valued at $1,606,000 after purchasing an additional 78,024 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Chegg by 6.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 41,595 shares of the technology company’s stock worth $473,000 after purchasing an additional 2,500 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Chegg by 229.8% in the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after purchasing an additional 873,984 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Chegg during the 4th quarter valued at approximately $694,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Price Performance

Shares of NYSE:CHGG traded down $0.18 during trading on Friday, reaching $3.00. The company had a trading volume of 3,530,676 shares, compared to its average volume of 3,725,824. The firm’s fifty day moving average is $3.23 and its 200 day moving average is $6.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $306.66 million, a PE ratio of -15.79, a price-to-earnings-growth ratio of 0.56 and a beta of 1.35. Chegg, Inc. has a twelve month low of $2.53 and a twelve month high of $13.11.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Tuesday, June 18th. Craig Hallum reaffirmed a “hold” rating and issued a $7.00 price objective (down previously from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Morgan Stanley raised shares of Chegg from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $6.50 to $3.25 in a research note on Tuesday, July 16th. Piper Sandler restated an “underweight” rating and issued a $6.00 price target (down previously from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and cut their price target for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.84.

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.