Rhumbline Advisers Grows Stake in Chegg, Inc. (NYSE:CHGG)

Rhumbline Advisers lifted its stake in Chegg, Inc. (NYSE:CHGG) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 183,347 shares of the technology company’s stock after purchasing an additional 12,153 shares during the quarter. Rhumbline Advisers owned 0.18% of Chegg worth $579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new stake in Chegg during the 1st quarter valued at $2,599,000. Harber Asset Management LLC purchased a new stake in shares of Chegg during the fourth quarter valued at $2,927,000. Dimensional Fund Advisors LP increased its holdings in Chegg by 39.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after buying an additional 750,677 shares in the last quarter. Principal Financial Group Inc. raised its position in Chegg by 30.0% in the 4th quarter. Principal Financial Group Inc. now owns 89,569 shares of the technology company’s stock worth $1,018,000 after buying an additional 20,682 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Chegg during the 4th quarter valued at about $114,000. Institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 5.2 %

NYSE CHGG opened at $1.63 on Thursday. Chegg, Inc. has a 12 month low of $1.63 and a 12 month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a market cap of $166.62 million, a PE ratio of -8.58, a P/E/G ratio of 0.58 and a beta of 1.31. The stock’s 50 day moving average is $2.35 and its 200 day moving average is $4.15.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Northland Securities cut their target price on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Morgan Stanley dropped their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Finally, Piper Sandler reduced their price objective on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.47.

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.