Phoenix Holdings Ltd. Makes New Investment in Chegg, Inc. (NYSE:CHGG)

Phoenix Holdings Ltd. acquired a new position in shares of Chegg, Inc. (NYSE:CHGG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,647 shares of the technology company’s stock, valued at approximately $247,000.

Other large investors have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich raised its position in Chegg by 107.4% during the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,800 shares of the technology company’s stock worth $722,000 after acquiring an additional 6,110 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Chegg by 6,573.9% in the third quarter. SG Americas Securities LLC now owns 231,316 shares of the technology company’s stock valued at $16,525,000 after purchasing an additional 227,850 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Chegg by 304.5% in the third quarter. Acadian Asset Management LLC now owns 1,808 shares of the technology company’s stock valued at $129,000 after purchasing an additional 1,361 shares during the period. CI Investments Inc. boosted its stake in shares of Chegg by 1,786.8% in the third quarter. CI Investments Inc. now owns 85,209 shares of the technology company’s stock valued at $6,087,000 after purchasing an additional 80,693 shares during the period. Finally, Morse Asset Management Inc boosted its stake in shares of Chegg by 100.2% in the third quarter. Morse Asset Management Inc now owns 9,528 shares of the technology company’s stock valued at $681,000 after purchasing an additional 4,768 shares during the period. 90.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of Chegg stock opened at $71.02 on Friday. Chegg, Inc. has a 12-month low of $25.89 and a 12-month high of $89.99. The stock has a market cap of $9.15 billion, a P/E ratio of -355.10, a P/E/G ratio of 3.29 and a beta of 1.07. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 2.38. The business’s 50 day moving average is $77.47 and its 200-day moving average is $71.11.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, October 26th. The technology company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.07. The firm had revenue of $154.00 million for the quarter, compared to analyst estimates of $111.16 million. Chegg had a positive return on equity of 13.35% and a negative net margin of 4.26%. The company’s revenue for the quarter was up 63.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. On average, sell-side analysts expect that Chegg, Inc. will post 0.69 EPS for the current year.

In other Chegg news, CMO Esther Lem sold 2,263 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $73.89, for a total value of $167,213.07. Following the sale, the chief marketing officer now directly owns 160,257 shares in the company, valued at $11,841,389.73. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Daniel Rosensweig sold 28,000 shares of the business’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $66.26, for a total value of $1,855,280.00. Following the completion of the sale, the chief executive officer now owns 2,027,134 shares in the company, valued at $134,317,898.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,584 shares of company stock worth $7,139,614. Corporate insiders own 3.10% of the company’s stock.

Several research firms recently issued reports on CHGG. BNP Paribas began coverage on shares of Chegg in a report on Friday, November 6th. They issued an “underperform” rating and a $55.00 price target on the stock. BMO Capital Markets upped their price target on shares of Chegg from $67.00 to $91.00 in a report on Tuesday, August 4th. Barrington Research reissued a “buy” rating and set a $60.00 target price on shares of Chegg in a report on Friday, July 31st. Morgan Stanley increased their target price on shares of Chegg from $83.00 to $96.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Needham & Company LLC increased their target price on shares of Chegg from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $83.00.

About Chegg

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.

Further Reading: Example of operating income, EBIT and EBITDA

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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