Geode Capital Management LLC Has $4.10 Million Stock Position in Chegg, Inc. (NYSE:CHGG)

Geode Capital Management LLC boosted its stake in shares of Chegg, Inc. (NYSE:CHGG) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,315,187 shares of the technology company’s stock after acquiring an additional 26,574 shares during the quarter. Geode Capital Management LLC owned approximately 2.22% of Chegg worth $4,099,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Chegg by 4.9% during the second quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock worth $1,548,000 after acquiring an additional 22,843 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Chegg by 117.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,523 shares of the technology company’s stock valued at $198,000 after purchasing an additional 33,733 shares during the last quarter. Rhumbline Advisers grew its position in shares of Chegg by 7.1% during the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after buying an additional 12,153 shares during the period. Victory Capital Management Inc. raised its stake in shares of Chegg by 939.4% during the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock worth $1,566,000 after buying an additional 447,784 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after buying an additional 2,136,336 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.65 on Monday. The company has a fifty day moving average price of $1.92 and a 200 day moving average price of $2.18. The firm has a market cap of $172.11 million, a PE ratio of -0.21 and a beta of 1.40. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg, Inc. has a 1-year low of $1.34 and a 1-year high of $11.25.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s quarterly revenue was down 13.5% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. Research analysts predict that Chegg, Inc. will post 0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CHGG. Northland Securities decreased their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group reduced their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.