Spouting Rock Asset Management LLC Trims Stock Holdings in Chegg, Inc. (NYSE:CHGG)

Spouting Rock Asset Management LLC decreased its holdings in Chegg, Inc. (NYSE:CHGGGet Rating) by 10.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,554 shares of the technology company’s stock after selling 1,576 shares during the quarter. Spouting Rock Asset Management LLC’s holdings in Chegg were worth $416,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Scotia Capital Inc. grew its holdings in shares of Chegg by 7.9% during the third quarter. Scotia Capital Inc. now owns 4,771 shares of the technology company’s stock worth $325,000 after purchasing an additional 351 shares during the last quarter. Xponance Inc. lifted its holdings in Chegg by 3.1% in the 4th quarter. Xponance Inc. now owns 12,852 shares of the technology company’s stock worth $395,000 after buying an additional 383 shares in the last quarter. Arizona State Retirement System increased its position in shares of Chegg by 1.1% in the 3rd quarter. Arizona State Retirement System now owns 38,662 shares of the technology company’s stock worth $2,630,000 after purchasing an additional 416 shares during the last quarter. Davy Global Fund Management Ltd boosted its stake in Chegg by 4.7% during the 4th quarter. Davy Global Fund Management Ltd now owns 9,717 shares of the technology company’s stock valued at $298,000 after purchasing an additional 440 shares during the period. Finally, Maryland Capital Management lifted its stake in shares of Chegg by 7.5% in the 3rd quarter. Maryland Capital Management now owns 7,040 shares of the technology company’s stock worth $479,000 after acquiring an additional 492 shares during the period.

Shares of CHGG traded up $1.24 on Thursday, reaching $17.70. The company’s stock had a trading volume of 4,203,215 shares, compared to its average volume of 4,135,152. The company has a current ratio of 8.02, a quick ratio of 14.19 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $2.23 billion, a PE ratio of 40.11, a PEG ratio of 4.21 and a beta of 1.11. Chegg, Inc. has a twelve month low of $15.66 and a twelve month high of $90.50. The firm has a fifty day moving average of $30.08 and a 200-day moving average of $30.50.

Chegg (NYSE:CHGGGet Rating) last issued its earnings results on Monday, May 2nd. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.08. Chegg had a net margin of 8.90% and a return on equity of 8.71%. During the same period in the previous year, the firm earned $0.13 earnings per share. As a group, equities analysts anticipate that Chegg, Inc. will post 0.23 EPS for the current fiscal year.

Several research analysts have recently commented on CHGG shares. Barrington Research dropped their price target on shares of Chegg from $40.00 to $25.00 in a research note on Tuesday, May 3rd. Piper Sandler lowered shares of Chegg from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $44.00 to $21.00 in a research report on Tuesday, May 3rd. Northland Securities dropped their target price on shares of Chegg from $45.00 to $27.00 in a report on Tuesday, May 3rd. Morgan Stanley cut their price objective on shares of Chegg from $37.00 to $20.00 in a report on Tuesday, May 3rd. Finally, BMO Capital Markets cut their target price on Chegg from $38.00 to $22.00 in a research note on Tuesday, May 3rd. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $42.91.

About Chegg (Get Rating)

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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