Headlands Technologies LLC Buys New Holdings in Chegg, Inc. (NYSE:CHGG)

Headlands Technologies LLC bought a new stake in shares of Chegg, Inc. (NYSE:CHGG) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 4,236 shares of the technology company’s stock, valued at approximately $48,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sylebra Capital LLC purchased a new position in Chegg during the 3rd quarter valued at approximately $61,286,000. Jacobs Levy Equity Management Inc. grew its holdings in Chegg by 14.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock valued at $23,758,000 after buying an additional 337,680 shares in the last quarter. Federated Hermes Inc. grew its holdings in Chegg by 229.8% during the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock valued at $14,249,000 after buying an additional 873,984 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chegg by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 898,407 shares of the technology company’s stock valued at $8,014,000 after buying an additional 6,655 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Chegg by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock valued at $6,188,000 after buying an additional 298,194 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of CHGG stock opened at $5.38 on Thursday. Chegg, Inc. has a 52-week low of $4.96 and a 52-week high of $13.11. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $546.45 million, a P/E ratio of -28.32, a P/E/G ratio of 1.39 and a beta of 1.26. The stock has a 50 day moving average price of $7.60 and a 200 day moving average price of $9.04.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million during the quarter, compared to analyst estimates of $185.94 million. Chegg had a return on equity of 0.86% and a net margin of 2.07%. Chegg’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 EPS. As a group, sell-side analysts predict that Chegg, Inc. will post 0.26 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CHGG. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday. The Goldman Sachs Group dropped their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. Craig Hallum reiterated a “hold” rating and issued a $7.00 target price (down previously from $13.00) on shares of Chegg in a report on Tuesday. Piper Sandler Companies cut Chegg to an “underweight” rating and dropped their target price for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Finally, Morgan Stanley dropped their target price on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.72.

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.