New York State Common Retirement Fund increased its stake in shares of Chegg, Inc. (NYSE:CHGG) by 410.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 394,796 shares of the technology company’s stock after acquiring an additional 317,495 shares during the period. New York State Common Retirement Fund owned about 0.41% of Chegg worth $4,852,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. US Bancorp DE grew its holdings in Chegg by 4.3% during the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock worth $100,000 after acquiring an additional 488 shares during the period. PNC Financial Services Group Inc. acquired a new stake in Chegg in the second quarter valued at approximately $104,000. BNP Paribas Arbitrage SA grew its holdings in Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after purchasing an additional 8,582 shares during the period. Principal Financial Group Inc. grew its holdings in Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock valued at $116,000 after purchasing an additional 926 shares during the period. Finally, Bank of America Corp DE grew its holdings in Chegg by 29.0% in the first quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock valued at $120,000 after purchasing an additional 3,205 shares during the period. 84.80% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total value of $199,635.36. Following the sale, the general counsel now owns 443,810 shares in the company, valued at approximately $6,683,778.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charles Geiger sold 81,968 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $13.55, for a total value 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 three months, insiders have sold 422,494 shares of company stock valued at $6,026,025. Company insiders own 20.40% of the company’s stock.
Shares of Chegg, Inc. (CHGG) opened at 15.51 on Monday. The firm has a 50-day moving average price of $14.72 and a 200 day moving average price of $12.70. The firm’s market capitalization is $1.49 billion. Chegg, Inc. has a one year low of $6.51 and a one year high of $15.95.
Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The business had revenue of $56.30 million for 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 business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the company posted $0.05 earnings per share. Equities analysts forecast that Chegg, Inc. will post $0.24 earnings per share for the current fiscal year.
Several brokerages have commented on CHGG. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday, July 28th. Lake Street Capital lowered Chegg from a “buy” rating to a “hold” rating and raised their price objective for the company from $12.00 to $14.00 in a report on Wednesday, July 26th. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 price objective (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. BidaskClub lowered Chegg from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $15.00 price objective (up from $12.00) on shares of Chegg in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $13.68.
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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