Wedge Capital Management L L P NC Takes Position in Chegg, Inc. (NYSE:CHGG)

Wedge Capital Management L L P NC purchased a new stake in shares of Chegg, Inc. (NYSE:CHGG) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 61,071 shares of the technology company’s stock, valued at approximately $694,000.

Several other institutional investors have also recently made changes to their positions in CHGG. SG Americas Securities LLC purchased a new stake in Chegg in the third quarter valued at approximately $437,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Chegg by 23.2% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 42,048 shares of the technology company’s stock valued at $375,000 after purchasing an additional 7,918 shares during the period. Commonwealth Equity Services LLC raised its position in Chegg by 2.6% in the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock valued at $628,000 after purchasing an additional 1,768 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in Chegg in the third quarter valued at approximately $1,261,000. Finally, Mackenzie Financial Corp purchased a new stake in Chegg in the third quarter valued at approximately $549,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Trading Up 1.0 %

Shares of CHGG stock opened at $6.88 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average price of $7.86 and a 200 day moving average price of $9.11. Chegg, Inc. has a 12 month low of $6.63 and a 12 month high of $18.71.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Chegg’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, sell-side analysts expect that Chegg, Inc. will post 0.26 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CHGG. BMO Capital Markets cut their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Piper Sandler Companies downgraded shares of Chegg to an “underweight” rating and dropped their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. JPMorgan Chase & Co. dropped their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Finally, Morgan Stanley dropped their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Friday, April 19th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Chegg presently has an average rating of “Hold” and a consensus price target of $10.00.

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.