Chegg, Inc. (NYSE:CHGG) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets boosted its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 389.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,774 shares of the technology company’s stock after purchasing an additional 80,183 shares during the period. BNP Paribas Financial Markets owned about 0.10% of Chegg worth $178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CHGG. Adero Partners LLC acquired a new stake in Chegg during the second quarter valued at $34,000. Intech Investment Management LLC acquired a new stake in shares of Chegg during the 3rd quarter valued at about $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the 2nd quarter valued at about $60,000. Aspire Wealth Management Corp acquired a new position in Chegg in the 3rd quarter worth about $69,000. Finally, Royce & Associates LP acquired a new position in Chegg in the 3rd quarter worth about $91,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Down 5.2 %

CHGG stock 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 firm has a 50-day moving average of $1.89 and a two-hundred day moving average of $2.34. Chegg, Inc. has a 12 month low of $1.34 and a 12 month high of $11.48. The company has a market cap of $229.48 million, a price-to-earnings ratio of -0.28 and a beta of 1.36.

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

Analysts Set New Price Targets

CHGG has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. The Goldman Sachs Group cut their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Piper Sandler reduced 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. Northland Securities dropped their target price on shares of 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 reduced their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, Chegg presently has a consensus rating of “Hold” and an average price target of $4.69.

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.