Jacobs Levy Equity Management Inc. Raises Stake in Chegg, Inc. (NYSE:CHGG)

Jacobs Levy Equity Management Inc. boosted its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,307,264 shares of the technology company’s stock after acquiring an additional 147,441 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Chegg were worth $3,715,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new position in Chegg during the 4th quarter valued at about $559,000. Arrowstreet Capital Limited Partnership raised its holdings in Chegg by 247.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock worth $2,357,000 after buying an additional 1,042,136 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Chegg by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 934,160 shares of the technology company’s stock worth $1,504,000 after buying an additional 22,827 shares during the last quarter. Knightsbridge Asset Management LLC purchased a new position in Chegg in the fourth quarter worth about $2,055,000. Finally, Vanguard Group Inc. raised its holdings in Chegg by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock worth $15,722,000 after buying an additional 180,258 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Up 3.7%

CHGG opened at $0.83 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm has a 50 day moving average price of $0.65 and a 200-day moving average price of $1.33. Chegg, Inc. has a twelve month low of $0.44 and a twelve month high of $4.84. The stock has a market capitalization of $87.67 million, a price-to-earnings ratio of -0.10 and a beta of 1.75.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Piper Sandler decreased their target price on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Monday. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th. Finally, StockNews.com initiated coverage on shares of Chegg in a report on Thursday, April 17th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, Chegg has an average rating of “Hold” and an average price target of $1.70.

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.