Clearbridge Investments LLC lifted its holdings in shares of Chegg Inc (NYSE:CHGG) by 184.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,927,665 shares of the technology company’s stock after purchasing an additional 1,249,178 shares during the period. Clearbridge Investments LLC’s holdings in Chegg were worth $31,459,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the company. Fred Alger Management Inc. raised its stake in shares of Chegg by 15.0% during the 4th quarter. Fred Alger Management Inc. now owns 3,061,063 shares of the technology company’s stock worth $49,957,000 after buying an additional 399,517 shares in the last quarter. TimesSquare Capital Management LLC increased its stake in Chegg by 2.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 3,106,385 shares of the technology company’s stock valued at $50,696,000 after purchasing an additional 80,480 shares in the last quarter. Selkirk Management LLC increased its stake in Chegg by 22.4% in the 4th quarter. Selkirk Management LLC now owns 328,000 shares of the technology company’s stock valued at $5,353,000 after purchasing an additional 60,000 shares in the last quarter. Avalon Global Asset Management LLC increased its stake in Chegg by 14.8% in the 4th quarter. Avalon Global Asset Management LLC now owns 225,000 shares of the technology company’s stock valued at $3,672,000 after purchasing an additional 29,000 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Chegg by 14.0% in the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock valued at $54,363,000 after purchasing an additional 409,956 shares in the last quarter.
In other Chegg news, insider Andrew J. Brown sold 87,500 shares of the firm’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $22.57, for a total transaction of $1,974,875.00. Following the completion of the transaction, the insider now owns 709,572 shares of the company’s stock, valued at $16,015,040.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Rosensweig sold 199,611 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.00, for a total value of $3,193,776.00. Following the transaction, the chief executive officer now directly owns 2,207,689 shares of the company’s stock, valued at approximately $35,323,024. The disclosure for this sale can be found here. Insiders have sold 950,207 shares of company stock valued at $17,482,072 in the last three months. 20.40% of the stock is currently owned by company insiders.
Chegg Inc (CHGG) opened at $21.87 on Thursday. Chegg Inc has a 1 year low of $7.87 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 for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $73.51 million during the quarter, compared to the consensus estimate of $70.61 million. Chegg had a negative return on equity of 2.37% and a negative net margin of 7.95%. Chegg’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share. sell-side analysts anticipate that Chegg Inc will post 0.12 EPS for the current year.
CHGG has been the subject of several research analyst reports. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. Citigroup initiated coverage on Chegg in a research note on Monday, November 20th. They issued a “buy” rating and a $19.00 price objective for the company. Morgan Stanley initiated coverage on Chegg in a research note on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price objective for the company. Northland Securities reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Chegg in a research note on Tuesday, January 9th. Finally, ValuEngine downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $17.92.
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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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