Jacobs Levy Equity Management Inc. Decreases Stake in Chegg, Inc. (NYSE:CHGG)

Jacobs Levy Equity Management Inc. trimmed its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 24.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,159,823 shares of the technology company's stock after selling 685,491 shares during the quarter. Jacobs Levy Equity Management Inc. owned 2.07% of Chegg worth $3,823,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CHGG. Dimensional Fund Advisors LP grew its position in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock worth $14,488,000 after buying an additional 433,709 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock valued at $8,694,000 after buying an additional 2,130,998 shares during the period. Millennium Management LLC boosted its position in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock worth $6,807,000 after buying an additional 2,136,336 shares during the last quarter. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Chegg during the 2nd quarter worth $3,501,000. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Trading Down 2.0 %

Shares of CHGG traded down $0.05 during mid-day trading on Friday, hitting $2.40. The company's stock had a trading volume of 2,684,488 shares, compared to its average volume of 4,675,709. The company's 50-day moving average is $1.81 and its 200-day moving average is $2.42. 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, Inc. has a 52-week low of $1.34 and a 52-week high of $11.48.

Chegg (NYSE:CHGG - Get Free Report) last announced its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The business had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm's revenue was down 13.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.07) earnings per share. As a group, analysts expect that Chegg, Inc. will post 0.12 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CHGG. 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 note on Thursday, November 14th. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a "market perform" rating on the stock in a research note on Wednesday, November 13th. Craig Hallum dropped their price target on Chegg from $3.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, November 13th. Piper Sandler dropped their price objective on shares of Chegg from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Thursday, November 14th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Chegg in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $4.69.

About Chegg

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.