Charles Schwab Investment Management Inc. Raises Position in Chegg, Inc. (NYSE:CHGG)

Charles Schwab Investment Management Inc. lifted its stake in Chegg, Inc. (NYSE:CHGG) by 14.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 911,333 shares of the technology company’s stock after purchasing an additional 118,403 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.89% of Chegg worth $1,613,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Adero Partners LLC bought a new position in shares of Chegg during the 2nd quarter valued at $34,000. Vanguard Personalized Indexing Management LLC bought a new stake in Chegg in the 2nd quarter valued at $60,000. SG Americas Securities LLC bought a new position in Chegg during the second quarter valued at $99,000. Intech Investment Management LLC bought a new position in Chegg during the third quarter valued at $56,000. Finally, Headlands Technologies LLC lifted its stake 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 worth $103,000 after acquiring an additional 32,104 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Piper Sandler dropped their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Northland Securities cut their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Finally, Craig Hallum lowered their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.69.

Chegg Stock Performance

CHGG opened at $2.31 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm’s 50-day moving average price is $1.89 and its 200 day moving average price is $2.34. The firm has a market capitalization of $240.95 million, a PE ratio of -0.29 and a beta of 1.36. Chegg, Inc. has a twelve month low of $1.34 and a twelve month high of $11.48.

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