Stephens Investment Management Group LLC raised its position in shares of Chegg Inc (NYSE:CHGG) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 628,792 shares of the technology company’s stock after buying an additional 8,376 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Chegg were worth $24,265,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in shares of Chegg by 229.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 280,365 shares of the technology company’s stock valued at $7,968,000 after purchasing an additional 195,221 shares during the last quarter. Legal & General Group Plc grew its holdings in Chegg by 16.9% in the 4th quarter. Legal & General Group Plc now owns 43,840 shares of the technology company’s stock worth $1,246,000 after acquiring an additional 6,326 shares during the last quarter. Millennium Management LLC grew its holdings in Chegg by 441.5% in the 4th quarter. Millennium Management LLC now owns 56,289 shares of the technology company’s stock worth $1,600,000 after acquiring an additional 45,894 shares during the last quarter. Geode Capital Management LLC grew its holdings in Chegg by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 1,171,869 shares of the technology company’s stock worth $33,303,000 after acquiring an additional 12,956 shares during the last quarter. Finally, Sciencast Management LP bought a new stake in Chegg in the 1st quarter worth $207,000.
In related news, insider Andrew J. Brown sold 200,000 shares of Chegg stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $44.82, for a total transaction of $8,964,000.00. Following the completion of the transaction, the insider now directly owns 239,092 shares of the company’s stock, valued at approximately $10,716,103.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 165,000 shares of Chegg stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $36.58, for a total transaction of $6,035,700.00. Following the transaction, the chief executive officer now directly owns 2,237,161 shares of the company’s stock, valued at $81,835,349.38. The disclosure for this sale can be found here. Insiders have sold a total of 1,145,114 shares of company stock worth $47,474,750 in the last ninety days. Insiders own 5.80% of the company’s stock.
A number of equities research analysts have issued reports on CHGG shares. William Blair started coverage on shares of Chegg in a report on Monday. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. raised their price target on shares of Chegg from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target (up previously from $44.00) on shares of Chegg in a report on Tuesday, July 30th. Craig Hallum raised their price target on shares of Chegg from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Lake Street Capital reissued a “hold” rating and issued a $34.00 price target (up previously from $33.00) on shares of Chegg in a report on Tuesday, April 30th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $44.18.
Shares of CHGG traded up $0.60 during trading hours on Friday, reaching $40.14. 29,241 shares of the company traded hands, compared to its average volume of 1,652,007. The company’s fifty day moving average price is $42.69 and its two-hundred day moving average price is $39.15. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 446.00, a price-to-earnings-growth ratio of 5.62 and a beta of 0.99. The company has a quick ratio of 13.22, a current ratio of 13.22 and a debt-to-equity ratio of 1.90. Chegg Inc has a 12 month low of $22.67 and a 12 month high of $48.22.
Chegg (NYSE:CHGG) last announced its earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. The firm had revenue of $93.90 million for the quarter, compared to analyst estimates of $92.44 million. Chegg had a negative net margin of 4.07% and a positive return on equity of 7.12%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 EPS. On average, analysts expect that Chegg Inc will post 0.25 EPS for the current year.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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