Alliancebernstein L.P. maintained its stake in shares of Chegg, Inc. (NYSE:CHGG) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,400 shares of the technology company’s stock at the end of the first quarter. Alliancebernstein L.P. owned about 0.10% of Chegg worth $771,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. State Street Corp boosted its position in Chegg by 6.9% in the fourth quarter. State Street Corp now owns 1,319,409 shares of the technology company’s stock worth $9,737,000 after buying an additional 85,706 shares during the last quarter. Norges Bank acquired a new position in Chegg during the fourth quarter worth $6,251,000. Highbridge Capital Management LLC acquired a new position in Chegg during the fourth quarter worth $110,000. NBW Capital LLC boosted its position in Chegg by 1.1% in the first quarter. NBW Capital LLC now owns 275,906 shares of the technology company’s stock worth $2,329,000 after buying an additional 2,963 shares during the last quarter. Finally, New Jersey Better Educational Savings Trust acquired a new position in Chegg during the first quarter worth $287,000. Hedge funds and other institutional investors own 79.72% of the company’s stock.
Chegg, Inc. (NYSE:CHGG) opened at 14.96 on Friday. The firm’s market cap is $1.44 billion. Chegg, Inc. has a one year low of $6.04 and a one year high of $15.39. The firm’s 50 day moving average price is $12.96 and its 200-day moving average price is $10.06.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The business had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $53.33 million. During the same period in the prior year, the firm posted $0.05 EPS. Chegg’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts predict that Chegg, Inc. will post $0.24 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This article was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this article on another publication, it was copied illegally and republished in violation of United States and international copyright legislation. The original version of this article can be read at https://stocknewstimes.com/2017/08/05/chegg-inc-chgg-position-maintained-by-alliancebernstein-l-p.html.
A number of equities analysts recently weighed in on CHGG shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of Chegg in a report on Friday, June 23rd. Lake Street Capital reaffirmed a “buy” rating and issued a $12.00 price target (up previously from $9.00) on shares of Chegg in a report on Tuesday, May 2nd. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Friday, May 5th. Northland Securities reaffirmed a “buy” rating and issued a $16.00 price target on shares of Chegg in a report on Friday, July 28th. Finally, BidaskClub cut Chegg from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Chegg currently has a consensus rating of “Buy” and a consensus target price of $13.32.
In other Chegg news, insider Nathan J. Schultz sold 15,276 shares of Chegg stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $12.00, for a total value of $183,312.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $13.00, for a total value of $1,300,000.00. Following the completion of the sale, the insider now directly owns 678,760 shares in the company, valued at approximately $8,823,880. The disclosure for this sale can be found here. Insiders sold a total of 522,244 shares of company stock worth $6,828,478 in the last ninety days. 20.40% of the stock is owned by corporate insiders.
About Chegg
Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
Receive News & Ratings for Chegg Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
