Granahan Investment Management Inc. MA trimmed its holdings in Chegg Inc (NYSE:CHGG) by 39.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 389,484 shares of the technology company’s stock after selling 250,913 shares during the quarter. Granahan Investment Management Inc. MA’s holdings in Chegg were worth $10,824,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. NewSquare Capital LLC bought a new stake in Chegg during the 2nd quarter worth about $178,000. SG Americas Securities LLC bought a new stake in Chegg during the 1st quarter worth about $137,000. BB&T Securities LLC bought a new stake in Chegg during the 2nd quarter worth about $209,000. Strs Ohio bought a new stake in Chegg during the 2nd quarter worth about $241,000. Finally, First Republic Investment Management Inc. bought a new stake in Chegg during the 2nd quarter worth about $271,000.
In other news, CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $31.07, for a total transaction of $4,660,500.00. Following the sale, the chief executive officer now owns 2,435,450 shares in the company, valued at approximately $75,669,431.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Dave Jr. Borders sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $27.77, for a total value of $416,550.00. Following the sale, the general counsel now owns 483,084 shares in the company, valued at approximately $13,415,242.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 490,000 shares of company stock valued at $14,533,050. Insiders own 10.80% of the company’s stock.
Several equities analysts have recently issued reports on the company. Northland Securities upgraded Chegg to a “top pick” rating in a research report on Tuesday, June 12th. Citigroup boosted their target price on Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a research report on Tuesday, July 31st. Morgan Stanley boosted their price objective on Chegg from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Lake Street Capital boosted their price objective on Chegg from $20.00 to $26.00 and gave the company a “hold” rating in a research report on Tuesday, July 31st. Finally, Jefferies Financial Group lowered Chegg from a “buy” rating to a “hold” rating and decreased their price objective for the company from $27.00 to $14.00 in a research report on Thursday, June 21st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $23.44.
NYSE:CHGG opened at $31.71 on Monday. Chegg Inc has a twelve month low of $13.75 and a twelve month high of $32.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.11 and a quick ratio of 10.11. The company has a market cap of $3.59 billion, a price-to-earnings ratio of -352.33, a PEG ratio of 15.89 and a beta of 1.49.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, July 30th. The technology company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Chegg had a positive return on equity of 0.87% and a negative net margin of 5.01%. The firm had revenue of $74.22 million during the quarter, compared to the consensus estimate of $70.16 million. During the same quarter in the prior year, the firm posted $0.06 EPS. The business’s revenue was up 31.8% on a year-over-year basis. sell-side analysts forecast that Chegg Inc will post 0.07 earnings per share for the current fiscal year.
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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