Pitcairn Co. lessened its stake in shares of Chegg Inc (NYSE:CHGG) by 13.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,523 shares of the technology company’s stock after selling 866 shares during the quarter. Pitcairn Co.’s holdings in Chegg were worth $371,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in CHGG. CIBC Asset Management Inc bought a new position in Chegg in the 2nd quarter valued at about $295,000. Raymond James & Associates lifted its position in shares of Chegg by 81.4% during the 2nd quarter. Raymond James & Associates now owns 61,963 shares of the technology company’s stock worth $4,168,000 after buying an additional 27,807 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Chegg by 35.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,253 shares of the technology company’s stock worth $891,000 after buying an additional 3,497 shares in the last quarter. Vident Investment Advisory LLC bought a new position in shares of Chegg during the 2nd quarter worth approximately $574,000. Finally, Juncture Wealth Strategies LLC bought a new position in shares of Chegg during the 2nd quarter worth approximately $236,000.
CHGG has been the topic of several recent analyst reports. KeyCorp lifted their target price on shares of Chegg from $80.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Barrington Research reissued a “buy” rating and set a $60.00 target price on shares of Chegg in a research report on Friday. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $52.00 to $66.00 in a research report on Tuesday, June 30th. Craig Hallum lifted their target price on shares of Chegg from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, Raymond James raised shares of Chegg from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Tuesday, May 5th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $63.11.
Chegg stock opened at $80.97 on Friday. Chegg Inc has a 1-year low of $25.89 and a 1-year high of $81.03. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of 182.46, a P/E/G ratio of 4.16 and a beta of 1.08. The company has a current ratio of 7.93, a quick ratio of 7.93 and a debt-to-equity ratio of 1.97. The firm has a 50 day simple moving average of $69.16 and a 200 day simple moving average of $50.58.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, May 4th. The technology company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.20. Chegg had a negative net margin of 2.47% and a positive return on equity of 12.53%. The business had revenue of $131.60 million during the quarter, compared to analyst estimates of $119.48 million. During the same period in the previous year, the business earned $0.15 EPS. Chegg’s revenue was up 35.1% compared to the same quarter last year. On average, equities research analysts forecast that Chegg Inc will post 0.63 EPS for the current year.
In other news, insider John Paul Fillmore sold 49,442 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $64.85, for a total transaction of $3,206,313.70. Following the completion of the transaction, the insider now directly owns 192,356 shares in the company, valued at approximately $12,474,286.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nathan J. Schultz sold 47,376 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $60.00, for a total transaction of $2,842,560.00. Following the transaction, the insider now owns 284,206 shares of the company’s stock, valued at $17,052,360. The disclosure for this sale can be found here. Insiders sold a total of 296,151 shares of company stock valued at $19,337,435 over the last quarter. 3.10% of the stock is owned by company insiders.
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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