The Manufacturers Life Insurance Company Has $66,000 Stock Holdings in Chegg, Inc. (NYSE:CHGG)

The Manufacturers Life Insurance Company decreased its position in Chegg, Inc. (NYSE:CHGG) by 28.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,468 shares of the technology company’s stock after selling 14,944 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Chegg were worth $66,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CHGG. SG Americas Securities LLC acquired a new position in shares of Chegg during the 2nd quarter worth about $99,000. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 22,843 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after acquiring an additional 943,703 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Chegg by 117.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,523 shares of the technology company’s stock valued at $198,000 after acquiring an additional 33,733 shares during the period. Finally, Adero Partners LLC acquired a new stake in shares of Chegg in the second quarter worth $34,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Trading Down 5.2 %

Shares of CHGG opened at $2.20 on Wednesday. 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 stock has a market cap of $229.48 million, a PE ratio of -0.28 and a beta of 1.36. Chegg, Inc. has a 1 year low of $1.34 and a 1 year high of $11.48. The stock has a 50 day simple moving average of $1.89 and a 200-day simple moving average of $2.34.

Chegg (NYSE:CHGG) last released its quarterly earnings data 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. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The firm had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same period in the prior year, the company posted ($0.07) earnings per share. The business’s revenue for the quarter was down 13.5% compared to the same quarter last year. On average, sell-side analysts predict that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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