Acadian Asset Management LLC Purchases 2,136,336 Shares of Chegg, Inc. (NYSE:CHGG)

Acadian Asset Management LLC increased its position in shares of Chegg, Inc. (NYSE:CHGG) by 11,517.3% during the second quarter, HoldingsChannel reports. The fund owned 2,154,885 shares of the technology company’s stock after buying an additional 2,136,336 shares during the quarter. Acadian Asset Management LLC’s holdings in Chegg were worth $6,807,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CHGG. Vanguard Group Inc. raised its stake in shares of Chegg by 7.5% during the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after acquiring an additional 809,530 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Chegg by 4.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company’s stock valued at $20,798,000 after purchasing an additional 105,511 shares during the period. Dimensional Fund Advisors LP raised its position in Chegg by 39.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after purchasing an additional 750,677 shares during the last quarter. Boston Partners acquired a new position in Chegg during the 4th quarter worth about $12,091,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Chegg by 23,988.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after buying an additional 943,703 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Trading Up 1.1 %

NYSE CHGG opened at $1.91 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg, Inc. has a 52 week low of $1.78 and a 52 week high of $11.48. The business has a 50 day moving average price of $2.62 and a 200-day moving average price of $4.64. The company has a market cap of $195.23 million, a price-to-earnings ratio of -10.05, a P/E/G ratio of 0.68 and a beta of 1.31.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on CHGG. Craig Hallum cut their price objective on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Morgan Stanley decreased their price objective on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Piper Sandler dropped their target price 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. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.47.

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.