Nationwide Fund Advisors increased its stake in Chegg, Inc. (NYSE:CHGG) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,047 shares of the technology company’s stock after buying an additional 1,005 shares during the quarter. Nationwide Fund Advisors’ holdings in Chegg were worth $578,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. TIAA CREF Investment Management LLC lifted its position in Chegg by 6.1% in the second quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock worth $2,782,000 after buying an additional 13,011 shares during the last quarter. Pier Capital LLC lifted its position in Chegg by 2.8% in the second quarter. Pier Capital LLC now owns 363,940 shares of the technology company’s stock worth $4,473,000 after buying an additional 9,853 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Chegg by 4.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 229,459 shares of the technology company’s stock worth $1,937,000 after buying an additional 10,602 shares during the last quarter. Federated Investors Inc. PA bought a new stake in Chegg in the second quarter worth $486,000. Finally, Brighton Jones LLC bought a new stake in Chegg in the second quarter worth $481,000. Institutional investors own 84.23% of the company’s stock.
In other news, General Counsel Dave Jr. Borders sold 13,256 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total value of $199,635.36. Following the transaction, the general counsel now owns 443,810 shares of the company’s stock, valued at approximately $6,683,778.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Charles Geiger sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $15.28, for a total value of $764,000.00. Following the completion of the transaction, the insider now directly owns 561,500 shares in the company, valued at approximately $8,579,720. The disclosure for this sale can be found here. In the last ninety days, insiders sold 240,526 shares of company stock worth $3,515,359. Corporate insiders own 20.40% of the company’s stock.
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A number of analysts recently issued reports on the company. J P Morgan Chase & Co raised their price target on Chegg from $15.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday. Northland Securities restated a “buy” rating and issued a $18.00 price target on shares of Chegg in a research report on Wednesday. Barrington Research reiterated an “outperform” rating and issued a $19.00 target price (up previously from $17.00) on shares of Chegg in a research note on Tuesday. First Analysis lowered Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price on the stock. in a research note on Tuesday. Finally, BidaskClub upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $15.09.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The business had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. During the same quarter in the prior year, the company posted ($0.17) EPS. The company’s quarterly revenue was down 12.2% on a year-over-year basis.
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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