Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 19,404 Chegg, Inc. (NYSE:CHGG)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chegg, Inc. (NYSE:CHGGGet Rating) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 19,404 shares of the technology company’s stock, valued at approximately $704,000.

Several other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in shares of Chegg in the 1st quarter valued at approximately $48,000. KRS Capital Management LLC bought a new stake in shares of Chegg in the 4th quarter valued at approximately $45,000. CIBC Asset Management Inc bought a new stake in shares of Chegg in the 1st quarter valued at approximately $219,000. Commerce Bank lifted its stake in shares of Chegg by 14.4% in the 4th quarter. Commerce Bank now owns 6,683 shares of the technology company’s stock valued at $205,000 after purchasing an additional 840 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Chegg in the 1st quarter valued at approximately $271,000. Hedge funds and other institutional investors own 95.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CHGG has been the subject of several analyst reports. TheStreet raised Chegg from a “d+” rating to a “c-” rating in a research note on Monday, August 22nd. The Goldman Sachs Group assumed coverage on Chegg in a research note on Friday, July 15th. They set a “neutral” rating and a $20.00 price target for the company. JPMorgan Chase & Co. decreased their price target on Chegg from $22.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 29th. Finally, Piper Sandler decreased their price target on Chegg from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 18th. Fourteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $36.58.

Chegg Trading Up 3.5 %

CHGG opened at $20.64 on Friday. The stock’s fifty day moving average is $20.25 and its two-hundred day moving average is $24.27. The company has a market capitalization of $2.61 billion, a P/E ratio of 68.80, a PEG ratio of 4.23 and a beta of 1.10. Chegg, Inc. has a 52 week low of $15.66 and a 52 week high of $87.13. The company has a quick ratio of 10.81, a current ratio of 10.81 and a debt-to-equity ratio of 2.05.

Chegg (NYSE:CHGGGet Rating) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $194.72 million for the quarter, compared to the consensus estimate of $189.40 million. Chegg had a return on equity of 7.93% and a net margin of 5.69%. Analysts forecast that Chegg, Inc. will post 0.28 earnings per share for the current year.

Chegg Profile

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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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