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

Jacobs Levy Equity Management Inc. increased its holdings in Chegg, Inc. (NYSE:CHGG) by 6.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,307,264 shares of the technology company’s stock after purchasing an additional 147,441 shares during the quarter. Jacobs Levy Equity Management Inc. owned 2.21% of Chegg worth $3,715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC raised its position in Chegg by 66.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 638,094 shares of the technology company’s stock worth $1,027,000 after purchasing an additional 255,860 shares during the period. Brevan Howard Capital Management LP raised its position in Chegg by 67.9% in the 4th quarter. Brevan Howard Capital Management LP now owns 182,815 shares of the technology company’s stock worth $294,000 after purchasing an additional 73,913 shares during the period. Ameriprise Financial Inc. raised its position in Chegg by 54.0% in the 4th quarter. Ameriprise Financial Inc. now owns 266,655 shares of the technology company’s stock worth $429,000 after purchasing an additional 93,528 shares during the period. Northern Trust Corp raised its position in Chegg by 9.6% in the 4th quarter. Northern Trust Corp now owns 903,426 shares of the technology company’s stock worth $1,455,000 after purchasing an additional 79,025 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Chegg in the 4th quarter worth $559,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CHGG. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Monday. StockNews.com began coverage on shares of Chegg in a report on Thursday, April 17th. They issued a “hold” rating on the stock. Finally, Piper Sandler cut their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1.70.

Chegg Trading Up 3.7%

Shares of CHGG opened at $0.83 on Thursday. The firm’s 50-day moving average price is $0.65 and its 200-day moving average price is $1.33. The firm has a market capitalization of $87.67 million, a price-to-earnings ratio of -0.10 and a beta of 1.75. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg, Inc. has a 1-year low of $0.44 and a 1-year high of $4.84.

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.