Millennium Management LLC Purchases 1,361,710 Shares of Chegg, Inc. (NYSE:CHGG)

Millennium Management LLC lifted its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 158.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,221,344 shares of the technology company's stock after purchasing an additional 1,361,710 shares during the period. Millennium Management LLC owned about 2.17% of Chegg worth $7,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Chegg by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company's stock worth $132,117,000 after purchasing an additional 809,530 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock worth $14,488,000 after acquiring an additional 433,709 shares during the last quarter. AQR Capital Management LLC grew its stake in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock valued at $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Chegg by 4.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company's stock valued at $20,798,000 after acquiring an additional 105,511 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Chegg by 11,517.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock worth $6,807,000 after purchasing an additional 2,136,336 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CHGG shares. Morgan Stanley cut their price objective on Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 6th. Craig Hallum reduced their price objective on Chegg from $7.00 to $3.00 and set a "hold" rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a report on Tuesday, August 6th. StockNews.com lowered shares of Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Finally, Northland Securities decreased their price target on shares of Chegg from $7.00 to $6.00 and set a "market perform" rating on the stock in a research note on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $5.47.

Chegg Trading Down 0.3 %

CHGG stock traded down $0.01 during mid-day trading on Thursday, reaching $1.54. 3,242,595 shares of the stock traded hands, compared to its average volume of 3,549,910. The business has a 50-day moving average price of $2.01 and a two-hundred day moving average price of $3.71. The stock has a market capitalization of $156.90 million, a PE ratio of -8.11, a PEG ratio of 0.58 and a beta of 1.31. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. Chegg, Inc. has a one year low of $1.48 and a one year high of $11.48.

Chegg (NYSE:CHGG - Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The company had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same period in the prior year, the company posted $0.01 EPS. The firm's revenue for the quarter was down 10.8% on a year-over-year basis. Equities research analysts expect that Chegg, Inc. will post 0.19 EPS for the current year.

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.