Adero Partners LLC Invests $34,000 in Chegg, Inc. (NYSE:CHGG)

Adero Partners LLC acquired a new stake in Chegg, Inc. (NYSE:CHGG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 10,628 shares of the technology company’s stock, valued at approximately $34,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CHGG. Boston Partners bought a new stake in Chegg in the fourth quarter valued at about $12,091,000. Allspring Global Investments Holdings LLC grew its stake in Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after acquiring an additional 943,703 shares during the period. Vanguard Group Inc. grew its stake in Chegg by 7.5% in the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock valued at $132,117,000 after acquiring an additional 809,530 shares during the period. Dimensional Fund Advisors LP grew its stake in Chegg by 39.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock valued at $30,084,000 after acquiring an additional 750,677 shares during the period. Finally, Norges Bank acquired a new position in Chegg in the fourth quarter valued at about $8,168,000. Institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 1.4 %

CHGG stock opened at $2.16 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $220.79 million, a P/E ratio of -11.37, a P/E/G ratio of 0.56 and a beta of 1.35. The business has a 50-day moving average of $2.76 and a 200-day moving average of $5.04. Chegg, Inc. has a fifty-two week low of $1.95 and a fifty-two week high of $11.48.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The firm had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Chegg, Inc. will post 0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Northland Securities decreased their target price on Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Tuesday, August 6th. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Piper Sandler decreased their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Finally, Craig Hallum decreased their target price on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Chegg has a consensus rating of “Hold” and a consensus target price of $5.47.

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.