Baillie Gifford & Co. Sells 2,103,297 Shares of Chegg, Inc. (NYSE:CHGG)

Baillie Gifford & Co. reduced its position in shares of Chegg, Inc. (NYSE:CHGG) by 44.9% during the 1st quarter, HoldingsChannel reports. The firm owned 2,579,090 shares of the technology company’s stock after selling 2,103,297 shares during the period. Baillie Gifford & Co.’s holdings in Chegg were worth $19,524,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CHGG. AQR Capital Management LLC raised its stake in shares of Chegg by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after acquiring an additional 298,194 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Chegg in the third quarter worth about $1,063,000. Penserra Capital Management LLC grew its holdings in Chegg by 13.5% during the third quarter. Penserra Capital Management LLC now owns 470,427 shares of the technology company’s stock worth $4,196,000 after acquiring an additional 55,906 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Chegg by 14.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock valued at $23,758,000 after acquiring an additional 337,680 shares in the last quarter. Finally, Graham Capital Management L.P. lifted its holdings in Chegg by 28.2% in the third quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock valued at $1,128,000 after acquiring an additional 27,813 shares during the period. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Price Performance

NYSE:CHGG traded down $0.11 during trading hours on Friday, hitting $2.77. 3,168,582 shares of the stock were exchanged, compared to its average volume of 4,573,669. 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 firm’s fifty day moving average price is $3.84 and its 200 day moving average price is $7.17. Chegg, Inc. has a 52-week low of $2.53 and a 52-week high of $13.11.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $174.35 million for the quarter, compared to analyst estimates of $174.05 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. On average, equities analysts expect that Chegg, Inc. will post 0.27 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CHGG shares. Jefferies Financial Group cut shares of Chegg from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th. Craig Hallum reaffirmed a “hold” rating and issued a $7.00 price objective (down previously from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, June 18th. Piper Sandler restated an “underweight” rating and issued a $6.00 price target (down previously from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Morgan Stanley reduced their price target on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. Five analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $7.31.

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.