Cipher Capital LP bought a new position in Chegg, Inc. (NYSE:CHGG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,299 shares of the technology company’s stock, valued at approximately $127,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Sylebra HK Co Ltd grew its holdings in shares of Chegg by 0.5% in the 1st quarter. Sylebra HK Co Ltd now owns 6,699,049 shares of the technology company’s stock worth $56,540,000 after purchasing an additional 30,164 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in Chegg during the 2nd quarter worth about $55,365,000. TimesSquare Capital Management LLC grew its holdings in Chegg by 0.7% during the 1st quarter. TimesSquare Capital Management LLC now owns 4,491,510 shares of the technology company’s stock worth $37,908,000 after acquiring an additional 31,765 shares during the last quarter. Vanguard Group Inc. grew its holdings in Chegg by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 2,635,884 shares of the technology company’s stock worth $22,246,000 after acquiring an additional 169,806 shares during the last quarter. Finally, Emerald Advisers Inc. PA grew its holdings in Chegg by 7.9% during the 2nd quarter. Emerald Advisers Inc. PA now owns 2,511,894 shares of the technology company’s stock worth $30,871,000 after acquiring an additional 183,780 shares during the last quarter. 84.80% of the stock is currently owned by institutional investors and hedge funds.
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In other news, insider Charles Geiger sold 50,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $12.13, for a total transaction of $606,500.00. Following the sale, the insider now directly owns 536,500 shares in the company, valued at $6,507,745. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of the business’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $14.00, for a total value of $1,400,000.00. Following the sale, the insider now owns 678,760 shares in the company, valued at $9,502,640. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 427,268 shares of company stock worth $5,832,118. Company insiders own 20.40% of the company’s stock.
Chegg, Inc. (CHGG) opened at 14.87 on Wednesday. The firm’s 50-day moving average is $14.48 and its 200-day moving average is $11.49. Chegg, Inc. has a 52-week low of $6.51 and a 52-week high of $15.95. The firm’s market capitalization is $1.43 billion.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.08). The firm had revenue of $56.30 million for the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 earnings per share. On average, equities analysts expect that Chegg, Inc. will post $0.24 earnings per share for the current year.
A number of equities research analysts have commented on the stock. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday, July 28th. Lake Street Capital lowered shares of Chegg from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. BMO Capital Markets reissued an “outperform” rating and set a $18.00 price objective (up previously from $16.00) on shares of Chegg in a report on Wednesday, July 26th. BidaskClub lowered shares of Chegg from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $15.00 price objective (up previously from $12.00) on shares of Chegg in a report on Wednesday, July 26th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $13.68.
Chegg Company 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.
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