Bank of New York Mellon Corp Has $1.55 Million Stock Holdings in Chegg, Inc. (NYSE:CHGG)

Bank of New York Mellon Corp boosted its stake in Chegg, Inc. (NYSE:CHGG) by 4.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 489,853 shares of the technology company’s stock after purchasing an additional 22,843 shares during the quarter. Bank of New York Mellon Corp owned about 0.48% of Chegg worth $1,548,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Gladius Capital Management LP bought a new position in shares of Chegg in the second quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg during the first quarter valued at about $30,000. Entropy Technologies LP bought a new position in shares of Chegg during the first quarter valued at about $90,000. Quent Capital LLC lifted its position in shares of Chegg by 35.0% during the second quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock valued at $96,000 after purchasing an additional 7,892 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Chegg during the second quarter valued at about $99,000. 95.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Northland Securities decreased their price objective on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a 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 report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.47.

Chegg Stock Down 3.3 %

Shares of Chegg stock opened at $1.75 on Thursday. The company has a market cap of $178.88 million, a P/E ratio of -9.21, a PEG ratio of 0.68 and a beta of 1.31. The company’s fifty day simple moving average is $2.51 and its two-hundred day simple moving average is $4.38. Chegg, Inc. has a 12-month low of $1.72 and a 12-month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $160.02 million. During the same quarter in the prior year, the business earned $0.01 EPS. The business’s revenue for the quarter was down 10.8% compared to the same quarter last year. Research analysts anticipate that Chegg, Inc. will post 0.19 EPS for the current 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.