Chegg (NYSE:CHGG) CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $21.86, for a total transaction of $3,279,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,371,847 shares in the company, valued at $51,848,575.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Daniel Rosensweig also recently made the following trade(s):
- On Tuesday, February 13th, Daniel Rosensweig sold 200,000 shares of Chegg stock. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00.
CHGG opened at $22.57 on Wednesday. Chegg has a 52-week low of $8.09 and a 52-week high of $23.22.
Chegg announced that its board has initiated a stock buyback program on Wednesday, March 28th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the technology company to purchase up to 0.9% of its shares through a private placement purchase. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
A number of equities analysts recently issued reports on the stock. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and upped their price target for the stock from $22.70 to $23.00 in a research note on Tuesday, March 13th. ValuEngine cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. BMO Capital Markets reiterated a “buy” rating and issued a $26.00 price target on shares of Chegg in a research note on Wednesday, April 11th. Morgan Stanley assumed coverage on shares of Chegg in a research note on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price target on the stock. Finally, Zacks Investment Research cut shares of Chegg from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $18.42.
A number of institutional investors have recently added to or reduced their stakes in CHGG. Clearbridge Investments LLC increased its holdings in Chegg by 184.1% in the 4th quarter. Clearbridge Investments LLC now owns 1,927,665 shares of the technology company’s stock worth $31,459,000 after acquiring an additional 1,249,178 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Chegg by 2,120.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 896,760 shares of the technology company’s stock worth $14,635,000 after acquiring an additional 856,377 shares in the last quarter. Stephens Investment Management Group LLC purchased a new stake in Chegg in the 4th quarter worth approximately $10,845,000. Wells Fargo & Company MN increased its holdings in Chegg by 954.4% in the 3rd quarter. Wells Fargo & Company MN now owns 702,610 shares of the technology company’s stock worth $10,427,000 after acquiring an additional 635,976 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Chegg by 14.0% in the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after acquiring an additional 409,956 shares in the last quarter.
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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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