Summit Creek Advisors LLC lowered its stake in Chegg Inc (NYSE:CHGG) by 22.9% during the 1st quarter, HoldingsChannel reports. The fund owned 162,730 shares of the technology company’s stock after selling 48,210 shares during the quarter. Summit Creek Advisors LLC’s holdings in Chegg were worth $6,203,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in Chegg by 22.8% in the fourth quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock valued at $44,000 after acquiring an additional 289 shares in the last quarter. PRW Wealth Management LLC bought a new stake in shares of Chegg during the 4th quarter valued at $56,000. We Are One Seven LLC bought a new stake in shares of Chegg during the 4th quarter valued at $79,000. Bessemer Group Inc. bought a new stake in shares of Chegg during the 4th quarter valued at $116,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Chegg by 213.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock valued at $162,000 after buying an additional 3,865 shares in the last quarter.
In other news, CMO Esther Lem sold 50,000 shares of Chegg stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $37.29, for a total value of $1,864,500.00. Following the completion of the transaction, the chief marketing officer now owns 408,325 shares of the company’s stock, valued at approximately $15,226,439.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Andrew J. Brown sold 81,270 shares of Chegg stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $35.18, for a total value of $2,859,078.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 729,651 shares of company stock valued at $28,404,047. 10.80% of the stock is owned by insiders.
Shares of CHGG stock traded up $0.89 during mid-day trading on Monday, reaching $38.21. 21,383 shares of the company’s stock traded hands, compared to its average volume of 2,907,651. Chegg Inc has a 12 month low of $20.40 and a 12 month high of $41.69. The stock has a market cap of $4.36 billion, a PE ratio of 423.78, a price-to-earnings-growth ratio of 7.37 and a beta of 1.30. The company has a current ratio of 8.29, a quick ratio of 8.29 and a debt-to-equity ratio of 0.69.
Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 11th. The technology company reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.03. Chegg had a negative net margin of 4.64% and a positive return on equity of 4.31%. The firm had revenue of $95.68 million for the quarter, compared to analysts’ expectations of $91.74 million. On average, sell-side analysts forecast that Chegg Inc will post 0.17 earnings per share for the current fiscal year.
A number of analysts have recently commented on CHGG shares. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a report on Friday, February 8th. JPMorgan Chase & Co. boosted their target price on shares of Chegg to $42.00 and gave the company an “overweight” rating in a report on Tuesday, February 12th. Barrington Research restated an “outperform” rating and set a $44.00 target price (up previously from $32.00) on shares of Chegg in a report on Tuesday, February 12th. Lake Street Capital boosted their target price on shares of Chegg to $33.00 and gave the company a “hold” rating in a report on Tuesday, February 12th. Finally, Berenberg Bank started coverage on shares of Chegg in a report on Wednesday, March 6th. They set a “buy” rating and a $48.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $37.60.
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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