First Eagle Investment Management LLC Grows Holdings in Chegg, Inc. (NYSE:CHGG)

First Eagle Investment Management LLC boosted its position in shares of Chegg, Inc. (NYSE:CHGG) by 69.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 697,063 shares of the technology company’s stock after acquiring an additional 285,000 shares during the period. First Eagle Investment Management LLC owned 0.68% of Chegg worth $2,203,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Gladius Capital Management LP bought a new stake in shares of Chegg during the 2nd quarter valued at $27,000. Allspring Global Investments Holdings LLC purchased a new stake in Chegg in the 1st quarter worth $30,000. Adero Partners LLC bought a new stake in Chegg during the second quarter valued at about $34,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the second quarter valued at about $60,000. Finally, Entropy Technologies LP bought a new position in shares of Chegg in the first quarter worth about $90,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

CHGG has been the topic of a number of research analyst reports. Morgan Stanley lowered their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Craig Hallum dropped their target price on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Piper Sandler reduced their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Northland Securities decreased their price target on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and cut their price objective for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.47.

Chegg Trading Down 5.4 %

CHGG opened at $1.74 on Friday. Chegg, Inc. has a 12 month low of $1.72 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 50-day moving average of $2.46 and a 200 day moving average of $4.31. The firm has a market cap of $177.86 million, a P/E ratio of -9.16, a P/E/G ratio of 0.68 and a beta of 1.31.

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

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.