Chegg, Inc. (NYSE:CHGG) Shares Purchased by Federated Hermes Inc.

Federated Hermes Inc. boosted its holdings in Chegg, Inc. (NYSE:CHGG) by 229.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,254,339 shares of the technology company’s stock after acquiring an additional 873,984 shares during the quarter. Federated Hermes Inc. owned about 1.08% of Chegg worth $14,249,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CHGG. Moors & Cabot Inc. acquired a new stake in shares of Chegg during the third quarter valued at $98,000. Shell Asset Management Co. lifted its stake in shares of Chegg by 48.8% in the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after purchasing an additional 3,748 shares in the last quarter. CI Investments Inc. purchased a new stake in shares of Chegg during the 3rd quarter valued at about $139,000. Sherbrooke Park Advisers LLC raised its holdings in shares of Chegg by 62.7% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 16,592 shares of the technology company’s stock valued at $148,000 after buying an additional 6,392 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Chegg by 20.7% during the 3rd quarter. Victory Capital Management Inc. now owns 20,352 shares of the technology company’s stock worth $182,000 after purchasing an additional 3,486 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Performance

CHGG opened at $6.82 on Tuesday. The firm has a market capitalization of $702.12 million, a PE ratio of -42.63, a PEG ratio of 1.38 and a beta of 1.26. Chegg, Inc. has a 52-week low of $6.63 and a 52-week high of $18.71. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50-day simple moving average is $7.94 and its 200 day simple moving average is $9.13.

Chegg (NYSE:CHGG) last released its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same period in the prior year, the company earned $0.16 earnings per share. The company’s quarterly revenue 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 fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. BMO Capital Markets reduced their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. JPMorgan Chase & Co. reduced their price objective on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Piper Sandler Companies lowered Chegg to an “underweight” rating and dropped their target price for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Finally, The Goldman Sachs Group dropped their target price on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus price target of $10.00.

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.