BB&T Securities LLC purchased a new stake in Chegg Inc (NYSE:CHGG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,548 shares of the technology company’s stock, valued at approximately $209,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CHGG. FMR LLC raised its stake in shares of Chegg by 19.3% in the 2nd quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after purchasing an additional 1,022,400 shares during the period. BlackRock Inc. grew its holdings in shares of Chegg by 17.3% in the 2nd quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock valued at $184,758,000 after acquiring an additional 978,343 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Chegg by 10.7% in the 2nd quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock valued at $129,597,000 after acquiring an additional 450,585 shares in the last quarter. Braun Stacey Associates Inc. bought a new position in shares of Chegg in the 2nd quarter valued at about $8,086,000. Finally, Fiera Capital Corp bought a new position in shares of Chegg in the 1st quarter valued at about $5,770,000.
In related news, Director John E. York sold 25,000 shares of Chegg stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $29.10, for a total transaction of $727,500.00. Following the completion of the transaction, the director now owns 33,214 shares in the company, valued at $966,527.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of Chegg stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $31.07, for a total value of $4,660,500.00. Following the transaction, the chief executive officer now owns 2,435,450 shares of the company’s stock, valued at approximately $75,669,431.50. The disclosure for this sale can be found here. Insiders have sold 490,000 shares of company stock valued at $14,533,050 in the last quarter. 10.80% of the stock is currently owned by corporate insiders.
Shares of NYSE CHGG opened at $28.42 on Thursday. The stock has a market capitalization of $3.58 billion, a PE ratio of -315.78, a P/E/G ratio of 15.86 and a beta of 1.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.11 and a quick ratio of 10.11. Chegg Inc has a fifty-two week low of $13.75 and a fifty-two week high of $32.82.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, July 30th. The technology company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Chegg had a positive return on equity of 0.87% and a negative net margin of 5.01%. The business had revenue of $74.22 million during the quarter, compared to analysts’ expectations of $70.16 million. During the same quarter last year, the company posted $0.06 earnings per share. Chegg’s quarterly revenue was up 31.8% on a year-over-year basis. sell-side analysts forecast that Chegg Inc will post 0.07 EPS for the current fiscal year.
Several equities analysts have recently weighed in on the company. Citigroup raised their price objective on Chegg from $23.50 to $27.00 and gave the company a “hold” rating in a report on Tuesday, July 31st. Morgan Stanley raised their price objective on Chegg from $24.00 to $28.00 and gave the company a “hold” rating in a report on Wednesday, August 1st. Lake Street Capital raised their price objective on Chegg from $20.00 to $26.00 and gave the company a “hold” rating in a report on Tuesday, July 31st. Jefferies Financial Group cut Chegg from a “buy” rating to a “hold” rating and decreased their price objective for the company from $27.00 to $14.00 in a report on Thursday, June 21st. They noted that the move was a valuation call. Finally, Barrington Research raised their price objective on Chegg from $25.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, June 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $23.44.
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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