Alliancebernstein L.P. continued to hold its stake in Chegg, Inc. (NYSE:CHGG) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 91,400 shares of the technology company’s stock at the end of the first quarter. Alliancebernstein L.P. owned approximately 0.10% of Chegg worth $771,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. US Bancorp DE raised its position in Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock worth $100,000 after buying an additional 488 shares in the last quarter. Parkwood LLC raised its position in shares of Chegg by 26.0% in the first quarter. Parkwood LLC now owns 13,077 shares of the technology company’s stock valued at $110,000 after buying an additional 2,701 shares during the period. Highbridge Capital Management LLC purchased a new position in shares of Chegg during the fourth quarter valued at about $110,000. UBS Asset Management Americas Inc. raised its position in shares of Chegg by 137.8% in the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock valued at $227,000 after buying an additional 15,574 shares during the period. Finally, New Jersey Better Educational Savings Trust bought a new stake in Chegg during the first quarter worth approximately $287,000. Institutional investors and hedge funds own 75.90% of the company’s stock.
Chegg, Inc. (CHGG) traded down 1.25% during midday trading on Wednesday, hitting $15.03. The company’s stock had a trading volume of 767,272 shares. The firm’s market cap is $1.44 billion. Chegg, Inc. has a 12 month low of $6.51 and a 12 month high of $15.95. The company’s 50 day moving average price is $13.80 and its 200 day moving average price is $10.60.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by $0.08. The company had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. Analysts expect that Chegg, Inc. will post $0.24 EPS for the current year.
Several equities research analysts have issued reports on the company. BMO Capital Markets restated an “outperform” rating and issued a $18.00 price target (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. Northland Securities reissued a “buy” rating and set a $16.00 price target on shares of Chegg in a research report on Friday, July 28th. Jefferies Group LLC raised their price objective on Chegg from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, May 2nd. Lake Street Capital cut Chegg from a “buy” rating to a “hold” rating and lifted their price target for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, Zacks Investment Research upgraded Chegg from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Friday, May 5th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Chegg has a consensus rating of “Buy” and an average target price of $13.32.
In other Chegg news, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $12.50, for a total value of $1,250,000.00. Following the completion of the transaction, the insider now owns 678,760 shares of the company’s stock, valued at $8,484,500. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Charles Geiger sold 81,968 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $1,110,666.40. Following the completion of the sale, the insider now owns 568,468 shares in the company, valued at approximately $7,702,741.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 522,244 shares of company stock worth $6,828,478. Insiders own 20.40% of the company’s stock.
Chegg Company Profile
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.
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