Artemis Investment Management LLP lifted its position in Chegg Inc (NYSE:CHGG) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 273,109 shares of the technology company’s stock after purchasing an additional 12,497 shares during the period. Artemis Investment Management LLP owned 0.23% of Chegg worth $7,961,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. NEXT Financial Group Inc boosted its holdings in shares of Chegg by 1,834.0% in the second quarter. NEXT Financial Group Inc now owns 1,934 shares of the technology company’s stock valued at $75,000 after purchasing an additional 1,834 shares during the period. Griffin Asset Management Inc. bought a new position in Chegg in the second quarter worth approximately $77,000. NumerixS Investment Technologies Inc bought a new position in Chegg in the second quarter worth approximately $130,000. Tower Research Capital LLC TRC raised its stake in Chegg by 147.9% in the second quarter. Tower Research Capital LLC TRC now owns 4,630 shares of the technology company’s stock worth $179,000 after buying an additional 2,762 shares in the last quarter. Finally, MUFG Americas Holdings Corp bought a new position in Chegg in the second quarter worth approximately $206,000.
A number of brokerages recently commented on CHGG. Northland Securities reissued a “buy” rating and issued a $48.00 price objective on shares of Chegg in a research note on Tuesday, September 24th. JPMorgan Chase & Co. boosted their price objective on shares of Chegg from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. William Blair began coverage on shares of Chegg in a research note on Monday, August 12th. They issued an “outperform” rating for the company. Craig Hallum boosted their price objective on shares of Chegg from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Barrington Research boosted their price objective on shares of Chegg from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $42.46.
Shares of NYSE:CHGG opened at $32.13 on Friday. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 357.00, a price-to-earnings-growth ratio of 4.58 and a beta of 0.96. Chegg Inc has a 52 week low of $22.67 and a 52 week high of $48.22. The company has a quick ratio of 13.22, a current ratio of 13.22 and a debt-to-equity ratio of 1.90. The firm has a 50 day moving average of $34.43 and a 200 day moving average of $38.23.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. The business had revenue of $93.90 million for the quarter, compared to the consensus estimate of $92.44 million. Chegg had a positive return on equity of 7.12% and a negative net margin of 4.07%. The business’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 earnings per share. On average, sell-side analysts expect that Chegg Inc will post 0.22 EPS for the current year.
In other news, insider Michael A. Osier sold 4,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $44.98, for a total transaction of $179,920.00. Following the transaction, the insider now directly owns 526,593 shares of the company’s stock, valued at $23,686,153.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael A. Osier sold 8,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $46.90, for a total value of $375,200.00. Following the transaction, the insider now directly owns 522,593 shares in the company, valued at $24,509,611.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,043,444 shares of company stock worth $43,080,910. Insiders own 5.80% of the company’s stock.
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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