Arizona State Retirement System Has $348,000 Stock Holdings in Chegg, Inc. (NYSE:CHGG)

Arizona State Retirement System lowered its holdings in Chegg, Inc. (NYSE:CHGG) by 5.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,626 shares of the technology company’s stock after selling 1,757 shares during the quarter. Arizona State Retirement System’s holdings in Chegg were worth $348,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Natixis Advisors L.P. increased its holdings in shares of Chegg by 152.3% during the 1st quarter. Natixis Advisors L.P. now owns 33,910 shares of the technology company’s stock worth $1,230,000 after purchasing an additional 20,468 shares during the period. MetLife Investment Management LLC acquired a new position in Chegg in the 1st quarter valued at approximately $265,000. Lord Abbett & CO. LLC bought a new stake in shares of Chegg in the 1st quarter worth approximately $12,124,000. Canada Pension Plan Investment Board grew its holdings in shares of Chegg by 280.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,345 shares of the technology company’s stock worth $702,000 after purchasing an additional 14,258 shares in the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Chegg during the first quarter valued at approximately $275,000. 95.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CHGG. Morgan Stanley decreased their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Friday. JPMorgan Chase & Co. cut their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. The Goldman Sachs Group dropped their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. StockNews.com raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Finally, Piper Sandler Companies lowered Chegg to an “underweight” rating and dropped their price objective for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Chegg currently has an average rating of “Hold” and an average target price of $10.00.

Chegg Stock Performance

Shares of NYSE:CHGG opened at $7.09 on Friday. The business has a fifty day moving average of $7.98 and a 200-day moving average of $9.14. The firm has a market cap of $729.92 million, a PE ratio of -44.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg, Inc. has a twelve month low of $6.63 and a twelve month high of $18.77.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The company had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, equities research analysts predict that Chegg, Inc. will post 0.26 EPS for the current fiscal year.

Chegg Company 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.