Dimensional Fund Advisors LP Sells 1,302,151 Shares of Chegg, Inc. (NYSE:CHGG)

Dimensional Fund Advisors LP reduced its stake in Chegg, Inc. (NYSE:CHGG) by 37.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,138,524 shares of the technology company’s stock after selling 1,302,151 shares during the period. Dimensional Fund Advisors LP’s holdings in Chegg were worth $3,443,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Chegg by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock valued at $15,722,000 after acquiring an additional 180,258 shares in the last quarter. Quinn Opportunity Partners LLC increased its holdings in Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after purchasing an additional 941,410 shares during the period. Renaissance Technologies LLC raised its position in Chegg by 29.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,826,100 shares of the technology company’s stock valued at $2,940,000 after purchasing an additional 417,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Chegg by 20.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,694,522 shares of the technology company’s stock worth $2,728,000 after buying an additional 291,902 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Chegg by 247.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock worth $2,357,000 after buying an additional 1,042,136 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler decreased their price objective on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. StockNews.com started coverage on shares of Chegg in a research report on Thursday, April 17th. They set a “hold” rating on the stock. JPMorgan Chase & Co. restated an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Monday. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, Chegg has an average rating of “Hold” and an average target price of $1.70.

Chegg Trading Up 7.3%

Shares of NYSE CHGG opened at $0.80 on Wednesday. Chegg, Inc. has a 1-year low of $0.44 and a 1-year high of $4.84. The business has a fifty day moving average price of $0.65 and a 200 day moving average price of $1.33. The stock has a market capitalization of $83.90 million, a P/E ratio of -0.10 and a beta of 1.75. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

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.