Symmetry Peak Management LLC Has $163,000 Holdings in Chegg (NYSE:CHGG)

Symmetry Peak Management LLC lowered its stake in Chegg (NYSE:CHGG) by 90.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the technology company’s stock after selling 98,492 shares during the quarter. Symmetry Peak Management LLC’s holdings in Chegg were worth $163,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Great West Life Assurance Co. Can raised its position in Chegg by 106.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after purchasing an additional 3,790 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in shares of Chegg during the third quarter valued at approximately $161,000. Suntrust Banks Inc. bought a new position in shares of Chegg during the fourth quarter valued at approximately $182,000. JPMorgan Chase & Co. boosted its stake in shares of Chegg by 53.8% during the third quarter. JPMorgan Chase & Co. now owns 16,302 shares of the technology company’s stock valued at $240,000 after purchasing an additional 5,702 shares in the last quarter. Finally, Millennium Management LLC bought a new position in shares of Chegg during the fourth quarter valued at approximately $388,000.

In other Chegg news, insider Esther Lem sold 9,400 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $17.00, for a total transaction of $159,800.00. Following the completion of the transaction, the insider now owns 505,120 shares in the company, valued at approximately $8,587,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 2,007,689 shares of the company’s stock, valued at approximately $36,138,402. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 962,200 shares of company stock worth $19,307,544. 20.40% of the stock is owned by insiders.

CHGG stock traded down $0.25 during trading on Friday, reaching $20.80. 952,996 shares of the stock were exchanged, compared to its average volume of 1,507,078. The company has a market capitalization of $2,314.72, a PE ratio of -231.11, a price-to-earnings-growth ratio of 7.14 and a beta of 1.44. Chegg has a 1 year low of $8.04 and a 1 year high of $23.22.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.37%. The business had revenue of $73.51 million for the quarter, compared to the consensus estimate of $70.61 million. During the same period in the previous year, the firm earned $0.10 EPS. The business’s revenue was up 16.5% on a year-over-year basis. analysts anticipate that Chegg will post 0.12 earnings per share for the current fiscal year.

Chegg declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 28th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 0.9% of its stock through a private placement purchase. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Several equities research analysts have weighed in on CHGG shares. ValuEngine upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and raised their price target for the stock from $22.70 to $23.00 in a report on Tuesday, March 13th. Morgan Stanley assumed coverage on shares of Chegg in a report on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price target for the company. Zacks Investment Research cut shares of Chegg from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Finally, Barrington Research reissued an “outperform” rating and set a $22.00 target price (up previously from $19.00) on shares of Chegg in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $17.92.

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Chegg 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.

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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