Redwood Investments LLC acquired a new stake in Chegg Inc (NYSE:CHGG) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 366,509 shares of the technology company’s stock, valued at approximately $13,971,000.
Other institutional investors have also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in shares of Chegg by 12.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 43,377 shares of the technology company’s stock valued at $1,233,000 after buying an additional 4,941 shares during the period. Bank of Montreal Can increased its stake in shares of Chegg by 21.1% in the fourth quarter. Bank of Montreal Can now owns 7,169 shares of the technology company’s stock valued at $203,000 after buying an additional 1,249 shares during the period. SeaTown Holdings Pte. Ltd. acquired a new position in shares of Chegg in the fourth quarter valued at approximately $341,000. Bank of New York Mellon Corp boosted its holdings in Chegg by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 424,918 shares of the technology company’s stock valued at $12,081,000 after acquiring an additional 5,448 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan boosted its holdings in Chegg by 125.0% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 18,000 shares of the technology company’s stock valued at $512,000 after acquiring an additional 10,000 shares during the last quarter.
In related news, General Counsel Dave Jr. Borders sold 116,976 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $35.78, for a total value of $4,185,401.28. Following the transaction, the general counsel now directly owns 345,585 shares in the company, valued at approximately $12,365,031.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Renee Varni Budig sold 45,000 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $39.47, for a total value of $1,776,150.00. Following the completion of the transaction, the director now owns 58,194 shares in the company, valued at $2,296,917.18. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,761 shares of company stock worth $39,297,204 over the last 90 days. Company insiders own 5.80% of the company’s stock.
Shares of Chegg stock traded down $0.19 on Friday, reaching $37.03. 13,607 shares of the company’s stock were exchanged, compared to its average volume of 2,035,084. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 410.22, a PEG ratio of 7.48 and a beta of 1.22. Chegg Inc has a 52 week low of $22.67 and a 52 week high of $41.69. The company has a debt-to-equity ratio of 1.84, a quick ratio of 13.96 and a current ratio of 13.96.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.09). The business had revenue of $97.40 million for the quarter, compared to the consensus estimate of $94.69 million. Chegg had a positive return on equity of 4.73% and a negative net margin of 4.86%. Chegg’s quarterly revenue was up 26.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share. On average, equities research analysts forecast that Chegg Inc will post 0.16 EPS for the current year.
Several brokerages recently commented on CHGG. Zacks Investment Research cut Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, March 12th. Morgan Stanley upped their target price on Chegg from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, April 30th. Craig Hallum reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Chegg in a report on Tuesday, April 30th. Berenberg Bank began coverage on Chegg in a report on Wednesday, March 6th. They issued a “buy” rating and a $48.00 target price on the stock. Finally, Barrington Research reiterated a “buy” rating on shares of Chegg in a report on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Chegg presently has a consensus rating of “Buy” and a consensus target price of $39.40.
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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.
Further Reading: Fundamental Analysis and Individual Investors
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