Voloridge Investment Management LLC grew its stake in shares of Chegg Inc (NYSE:CHGG) by 475.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 120,244 shares of the technology company’s stock after acquiring an additional 99,363 shares during the period. Voloridge Investment Management LLC owned about 0.10% of Chegg worth $3,601,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of CHGG. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Chegg by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,976 shares of the technology company’s stock valued at $209,000 after acquiring an additional 631 shares in the last quarter. Lisanti Capital Growth LLC grew its position in shares of Chegg by 1.0% in the second quarter. Lisanti Capital Growth LLC now owns 67,565 shares of the technology company’s stock valued at $2,607,000 after purchasing an additional 700 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Chegg by 6.0% during the 2nd quarter. Prudential Financial Inc. now owns 12,662 shares of the technology company’s stock worth $489,000 after purchasing an additional 720 shares in the last quarter. BB&T Securities LLC increased its stake in shares of Chegg by 4.0% during the 2nd quarter. BB&T Securities LLC now owns 35,386 shares of the technology company’s stock worth $1,365,000 after purchasing an additional 1,363 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of Chegg by 19.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 10,526 shares of the technology company’s stock worth $406,000 after purchasing an additional 1,678 shares in the last quarter.
In other Chegg news, Director John E. York sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $29.55, for a total value of $369,375.00. Following the sale, the director now directly owns 26,035 shares of the company’s stock, valued at approximately $769,334.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael A. Osier sold 13,758 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $38.25, for a total transaction of $526,243.50. Following the sale, the insider now directly owns 514,007 shares of the company’s stock, valued at $19,660,767.75. The disclosure for this sale can be found here. Insiders sold a total of 593,947 shares of company stock valued at $20,139,626 over the last ninety days. 5.80% of the stock is owned by corporate insiders.
A number of research firms recently issued reports on CHGG. Citigroup raised Chegg from a “neutral” rating to a “buy” rating and reduced their target price for the company from $43.00 to $38.50 in a research note on Tuesday, November 5th. Barrington Research started coverage on Chegg in a report on Monday, October 14th. They set a “buy” rating and a $50.00 target price on the stock. Jefferies Financial Group raised Chegg from a “hold” rating to a “buy” rating and dropped their price target for the stock from $46.00 to $44.00 in a research report on Monday, September 9th. Lake Street Capital cut their price target on Chegg from $38.00 to $35.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, BMO Capital Markets cut their price target on Chegg from $49.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.21.
NYSE:CHGG opened at $38.50 on Tuesday. The firm has a 50 day simple moving average of $34.49 and a 200-day simple moving average of $37.44. The company has a debt-to-equity ratio of 1.89, a current ratio of 9.50 and a quick ratio of 9.50. The firm has a market cap of $4.69 billion, a PE ratio of 427.78, a P/E/G ratio of 3.59 and a beta of 1.03. Chegg Inc has a 1-year low of $25.16 and a 1-year high of $48.22.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.10. Chegg had a negative net margin of 3.27% and a positive return on equity of 9.53%. The business had revenue of $94.20 million for the quarter, compared to the consensus estimate of $89.04 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. As a group, sell-side analysts expect that Chegg Inc will post 0.36 earnings per share for the current fiscal year.
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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