Sylebra HK Co Ltd cut its position in shares of Chegg Inc (NYSE:CHGG) by 2.8% during the 1st quarter, Holdings Channel reports. The firm owned 6,764,536 shares of the technology company’s stock after selling 192,360 shares during the quarter. Chegg comprises 11.4% of Sylebra HK Co Ltd’s portfolio, making the stock its 3rd biggest holding. Sylebra HK Co Ltd owned approximately 0.06% of Chegg worth $139,755,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in CHGG. Baillie Gifford & Co. increased its stake in shares of Chegg by 288.4% during the 1st quarter. Baillie Gifford & Co. now owns 4,212,854 shares of the technology company’s stock worth $87,038,000 after purchasing an additional 3,128,153 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Chegg by 184.1% during the 4th quarter. Clearbridge Investments LLC now owns 1,927,665 shares of the technology company’s stock worth $31,459,000 after buying an additional 1,249,178 shares during the period. UBS Asset Management Americas Inc. boosted its holdings in shares of Chegg by 2,120.6% during the 4th quarter. UBS Asset Management Americas Inc. now owns 896,760 shares of the technology company’s stock worth $14,635,000 after buying an additional 856,377 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Chegg by 104.6% during the 1st quarter. Artisan Partners Limited Partnership now owns 1,469,714 shares of the technology company’s stock worth $30,364,000 after buying an additional 751,353 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Chegg by 14.0% during the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after buying an additional 409,956 shares during the period.
In other Chegg news, insider Andrew J. Brown sold 200,000 shares of the business’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $25.07, for a total value of $5,014,000.00. Following the completion of the sale, the insider now owns 702,897 shares of the company’s stock, valued at approximately $17,621,627.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $29.15, for a total transaction of $4,372,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,433,753 shares of the company’s stock, valued at approximately $70,943,899.95. The disclosure for this sale can be found here. Insiders sold a total of 1,319,110 shares of company stock valued at $32,455,355 in the last three months. Insiders own 10.80% of the company’s stock.
Chegg (NYSE:CHGG) last posted its quarterly earnings data on Thursday, April 26th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. The firm had revenue of $76.95 million during the quarter, compared to the consensus estimate of $74.15 million. Chegg had a negative net margin of 6.12% and a negative return on equity of 0.95%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 EPS. research analysts forecast that Chegg Inc will post 0.06 earnings per share for the current fiscal year.
Chegg announced that its Board of Directors has authorized a share buyback program on Wednesday, March 28th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the technology company to reacquire up to 0.9% of its shares through a private placement purchase. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Several analysts recently commented on CHGG shares. BMO Capital Markets reaffirmed a “buy” rating and set a $26.00 target price on shares of Chegg in a report on Wednesday, April 11th. ValuEngine raised shares of Chegg from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Morgan Stanley started coverage on shares of Chegg in a report on Monday, February 26th. They set an “equal weight” rating and a $23.00 target price for the company. Citigroup lifted their target price on shares of Chegg from $22.70 to $24.00 and gave the stock a “hold” rating in a report on Monday, April 30th. Finally, Lake Street Capital reaffirmed a “hold” rating and set a $20.00 target price (up previously from $16.00) on shares of Chegg in a report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and an average target price of $21.00.
Chegg Company Profile
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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