Mackenzie Financial Corp Increases Stake in Chegg, Inc. (NYSE:CHGG)

Mackenzie Financial Corp boosted its stake in shares of Chegg, Inc. (NYSE:CHGG) by 123.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 141,400 shares of the technology company’s stock after acquiring an additional 78,024 shares during the quarter. Mackenzie Financial Corp owned 0.12% of Chegg worth $1,606,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CHGG. Moors & Cabot Inc. purchased a new stake in shares of Chegg in the third quarter valued at approximately $98,000. Shell Asset Management Co. increased its position in shares of Chegg by 48.8% in the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after buying an additional 3,748 shares in the last quarter. CI Investments Inc. purchased a new stake in shares of Chegg in the third quarter valued at approximately $139,000. Sherbrooke Park Advisers LLC increased its position in shares of Chegg by 62.7% in the third quarter. Sherbrooke Park Advisers LLC now owns 16,592 shares of the technology company’s stock valued at $148,000 after buying an additional 6,392 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Chegg by 20.7% in the third quarter. Victory Capital Management Inc. now owns 20,352 shares of the technology company’s stock valued at $182,000 after buying an additional 3,486 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CHGG. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Piper Sandler lowered Chegg from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. BMO Capital Markets lowered their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. The Goldman Sachs Group lowered their price target on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research note on Tuesday, February 6th. Finally, Piper Sandler Companies lowered Chegg to an “underweight” rating and lowered their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Chegg has a consensus rating of “Hold” and an average target price of $10.00.

Chegg Stock Performance

NYSE CHGG opened at $6.83 on Wednesday. The stock’s fifty day moving average is $7.94 and its two-hundred day moving average is $9.13. The firm has a market capitalization of $702.63 million, a P/E ratio of -42.66, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg, Inc. has a fifty-two week low of $6.63 and a fifty-two week high of $18.71.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million for the quarter, compared to analyst estimates of $185.94 million. During the same quarter in the prior year, the company posted $0.16 EPS. The company’s quarterly revenue was down 8.4% on a year-over-year basis. On average, research analysts anticipate that Chegg, Inc. will post 0.26 earnings per share for the current 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.