Summit Creek Advisors LLC Boosts Holdings in Chegg, Inc. (NYSE:CHGG)

Summit Creek Advisors LLC raised its stake in shares of Chegg, Inc. (NYSE:CHGGGet Rating) by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 368,805 shares of the technology company’s stock after purchasing an additional 1,428 shares during the period. Summit Creek Advisors LLC owned 0.29% of Chegg worth $13,380,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Van ECK Associates Corp purchased a new position in shares of Chegg in the fourth quarter worth about $150,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg in the fourth quarter worth about $436,000. Commonwealth Equity Services LLC lifted its stake in shares of Chegg by 362.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 66,063 shares of the technology company’s stock worth $2,028,000 after buying an additional 51,771 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Chegg by 27.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 106,121 shares of the technology company’s stock worth $3,258,000 after buying an additional 22,769 shares in the last quarter. Finally, Xponance Inc. lifted its stake in shares of Chegg by 3.1% in the fourth quarter. Xponance Inc. now owns 12,852 shares of the technology company’s stock worth $395,000 after buying an additional 383 shares in the last quarter.

Chegg Stock Up 9.1 %

Shares of Chegg stock opened at $23.59 on Friday. Chegg, Inc. has a 52-week low of $15.66 and a 52-week high of $87.13. The company has a 50 day moving average of $19.60 and a 200 day moving average of $25.13. The company has a quick ratio of 8.02, a current ratio of 8.02 and a debt-to-equity ratio of 2.08. The company has a market capitalization of $2.97 billion, a P/E ratio of 78.63, a P/E/G ratio of 5.62 and a beta of 1.10.

Analyst Upgrades and Downgrades

CHGG has been the subject of several recent analyst reports. Northland Securities cut their price objective on shares of Chegg from $45.00 to $27.00 in a research report on Tuesday, May 3rd. JPMorgan Chase & Co. cut their price objective on shares of Chegg from $22.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 29th. William Blair cut shares of Chegg from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 3rd. The Goldman Sachs Group initiated coverage on shares of Chegg in a research report on Friday, July 15th. They set a “neutral” rating and a $20.00 price objective for the company. Finally, Craig Hallum cut their price objective on shares of Chegg from $35.00 to $18.00 in a research report on Tuesday, May 3rd. Fourteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.58.

Chegg Profile

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Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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