Chegg, Inc. (NYSE:CHGG) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in Chegg, Inc. (NYSE:CHGG) by 79.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,919 shares of the technology company’s stock after selling 65,172 shares during the period. Franklin Resources Inc.’s holdings in Chegg were worth $30,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Chegg in the 3rd quarter valued at $130,000. Geode Capital Management LLC increased its stake in shares of Chegg by 1.2% during the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock worth $4,099,000 after acquiring an additional 26,574 shares during the period. XTX Topco Ltd increased its stake in shares of Chegg by 384.4% during the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after acquiring an additional 312,780 shares during the period. Quadrature Capital Ltd raised its holdings in Chegg by 85.6% during the third quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company’s stock worth $200,000 after purchasing an additional 51,837 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CHGG. Northland Securities dropped their target price 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. The Goldman Sachs Group cut their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Piper Sandler cut their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Finally, Craig Hallum reduced their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.69.

Chegg Price Performance

Chegg stock opened at $1.68 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm’s 50-day simple moving average is $1.92 and its 200 day simple moving average is $2.19. Chegg, Inc. has a 52 week low of $1.34 and a 52 week high of $11.32. The firm has a market capitalization of $175.24 million, a PE ratio of -0.21 and a beta of 1.36.

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

Chegg 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.