Chegg, Inc. (NYSE:CHGG) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its position in shares of Chegg, Inc. (NYSE:CHGG) by 123.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 141,400 shares of the technology company’s stock after buying an additional 78,024 shares during the quarter. Mackenzie Financial Corp’s holdings in Chegg were worth $1,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CHGG. Vontobel Holding Ltd. raised its stake in shares of Chegg by 61.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 50,888 shares of the technology company’s stock worth $454,000 after buying an additional 19,378 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Chegg during the 3rd quarter worth $437,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Chegg during the 3rd quarter worth $236,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Chegg by 23.2% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 42,048 shares of the technology company’s stock worth $375,000 after buying an additional 7,918 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Chegg by 2.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after buying an additional 1,768 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Price Performance

CHGG opened at $6.83 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $702.63 million, a price-to-earnings ratio of -42.66, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The business has a 50-day moving average of $7.94 and a two-hundred day moving average of $9.13. Chegg, Inc. has a 12 month low of $6.63 and a 12 month high of $18.71.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The company had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter in the previous year, the business earned $0.16 EPS. The firm’s revenue was down 8.4% on a year-over-year basis. On average, research analysts expect that Chegg, Inc. will post 0.26 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets cut their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research note on Tuesday, February 6th. JPMorgan Chase & Co. cut their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Piper Sandler downgraded shares of Chegg from a “neutral” rating to an “underweight” rating and cut their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Morgan Stanley cut their target price on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Friday, April 19th. Finally, Piper Sandler Companies downgraded shares of Chegg to an “underweight” rating and cut their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

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.