Vanguard Personalized Indexing Management LLC Takes Position in Chegg, Inc. (NYSE:CHGG)

Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Chegg, Inc. (NYSE:CHGG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,974 shares of the technology company’s stock, valued at approximately $60,000.

A number of other institutional investors also recently modified their holdings of CHGG. Renaissance Technologies LLC raised its holdings in Chegg by 44.5% in the second quarter. Renaissance Technologies LLC now owns 682,200 shares of the technology company’s stock worth $2,156,000 after buying an additional 210,191 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Chegg by 11.2% in the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after purchasing an additional 11,992 shares during the period. Headlands Technologies LLC raised its position in shares of Chegg by 6,994.3% during the 2nd quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock valued at $103,000 after purchasing an additional 32,104 shares during the period. Finally, Acadian Asset Management LLC grew its position in shares of Chegg by 11,517.3% during the second 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 in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Trading Up 3.1 %

Shares of CHGG opened at $1.83 on Wednesday. The firm has a market capitalization of $186.55 million, a P/E ratio of -9.61, a P/E/G ratio of 0.58 and a beta of 1.31. 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 firm has a 50-day moving average price of $2.26 and a 200 day moving average price of $3.99. Chegg, Inc. has a 12-month low of $1.63 and a 12-month high of $11.48.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share 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 firm’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 EPS. Sell-side analysts forecast that Chegg, Inc. will post 0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CHGG. Craig Hallum cut their target price on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Northland Securities decreased 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. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and cut their price target for the stock from $7.00 to $3.75 in a research report on Tuesday, August 6th. Piper Sandler decreased their price objective on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Finally, StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, Chegg presently has an average rating of “Hold” and a consensus 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.