MetLife Investment Management LLC Sells 41,692 Shares of Chegg, Inc. (NYSE:CHGG)

MetLife Investment Management LLC lessened its position in Chegg, Inc. (NYSE:CHGG) by 70.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,814 shares of the technology company’s stock after selling 41,692 shares during the period. MetLife Investment Management LLC’s holdings in Chegg were worth $32,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CHGG. Dimensional Fund Advisors LP lifted its position in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares during the period. AQR Capital Management LLC lifted its position in shares of Chegg by 284.9% in the 2nd 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 lifted its position in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the period. Acadian Asset Management LLC lifted its position in shares of Chegg by 11,517.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after purchasing an additional 2,136,336 shares during the period. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Chegg in the 2nd quarter worth about $3,501,000. Institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 7.2 %

Shares of Chegg stock opened at $2.46 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $256.60 million, a PE ratio of -0.31 and a beta of 1.36. Chegg, Inc. has a 52-week low of $1.34 and a 52-week high of $11.48. The company has a 50-day simple moving average of $1.84 and a two-hundred day simple moving average of $2.38.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The business 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 period in the previous year, the company earned ($0.07) earnings per share. On average, analysts anticipate that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Analyst Ratings Changes

CHGG has been the subject of several research analyst reports. The Goldman Sachs Group dropped their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Northland Securities dropped their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Craig Hallum dropped their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Piper Sandler lowered their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.69.

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.