Commonwealth Equity Services LLC Has $3.86 Million Holdings in Chegg, Inc. (NYSE:CHGG)

Commonwealth Equity Services LLC lifted its holdings in shares of Chegg, Inc. (NYSE:CHGGGet Rating) by 61.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,471 shares of the technology company’s stock after buying an additional 40,408 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Chegg were worth $3,862,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Capital Research Global Investors acquired a new stake in shares of Chegg during the 4th quarter worth approximately $130,324,000. Geode Capital Management LLC grew its position in shares of Chegg by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,738,791 shares of the technology company’s stock worth $53,380,000 after buying an additional 11,403 shares during the period. Rubric Capital Management LP acquired a new stake in shares of Chegg during the 4th quarter worth approximately $31,214,000. Charles Schwab Investment Management Inc. grew its position in shares of Chegg by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 782,851 shares of the technology company’s stock worth $24,034,000 after buying an additional 38,330 shares during the period. Finally, Stony Point Capital LLC grew its position in shares of Chegg by 99.6% during the 4th quarter. Stony Point Capital LLC now owns 603,411 shares of the technology company’s stock worth $18,525,000 after buying an additional 301,051 shares during the period.

Chegg Stock Performance

Shares of CHGG stock opened at $23.59 on Friday. The company’s fifty day simple moving average is $19.60 and its 200-day simple moving average is $25.13. The company has a quick ratio of 8.02, a current ratio of 8.02 and a debt-to-equity ratio of 2.08. The firm has a market cap of $2.97 billion, a PE ratio of 53.61, a P/E/G ratio of 5.76 and a beta of 1.10. Chegg, Inc. has a 12 month low of $15.66 and a 12 month high of $87.13.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Chegg from $37.00 to $20.00 in a research note on Tuesday, May 3rd. KeyCorp lowered shares of Chegg from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 12th. Barrington Research reduced their price objective on shares of Chegg from $40.00 to $25.00 in a research note on Tuesday, May 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Chegg from $22.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 29th. Finally, BMO Capital Markets reduced their price objective on shares of Chegg from $38.00 to $22.00 in a research note on Tuesday, May 3rd. Fourteen research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $36.58.

About Chegg

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Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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