Panagora Asset Management Inc. raised its holdings in shares of Chegg Inc (NYSE:CHGG) by 1,781.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,582 shares of the technology company’s stock after buying an additional 7,179 shares during the period. Panagora Asset Management Inc.’s holdings in Chegg were worth $293,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in Chegg by 229.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 280,365 shares of the technology company’s stock valued at $7,968,000 after buying an additional 195,221 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Chegg by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 1,171,869 shares of the technology company’s stock valued at $33,303,000 after acquiring an additional 12,956 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Chegg by 22.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 53,311 shares of the technology company’s stock worth $2,032,000 after purchasing an additional 9,934 shares during the period. California Public Employees Retirement System lifted its position in Chegg by 68.5% in the first quarter. California Public Employees Retirement System now owns 121,018 shares of the technology company’s stock worth $4,613,000 after purchasing an additional 49,193 shares during the period. Finally, Stephens Inc. AR lifted its position in Chegg by 1,027.2% in the first quarter. Stephens Inc. AR now owns 1,781 shares of the technology company’s stock worth $68,000 after purchasing an additional 1,623 shares during the period.
In other news, General Counsel Dave Jr. Borders sold 6,657 shares of Chegg stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $39.34, for a total transaction of $261,886.38. Following the transaction, the general counsel now owns 323,927 shares in the company, valued at approximately $12,743,288.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Esther Lem sold 50,000 shares of Chegg stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $39.28, for a total value of $1,964,000.00. Following the transaction, the chief marketing officer now owns 306,345 shares in the company, valued at approximately $12,033,231.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,130,114 shares of company stock worth $47,708,823. Company insiders own 5.80% of the company’s stock.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, July 29th. The technology company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. The firm had revenue of $93.90 million during the quarter, compared to analyst estimates of $92.44 million. Chegg had a positive return on equity of 7.12% and a negative net margin of 4.07%. The company’s revenue was up 26.5% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. On average, equities analysts predict that Chegg Inc will post 0.23 earnings per share for the current fiscal year.
Several research analysts recently commented on CHGG shares. Jefferies Financial Group raised Chegg from a “hold” rating to a “buy” rating and reduced their target price for the stock from $46.00 to $44.00 in a research report on Monday. Craig Hallum increased their price objective on Chegg from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective (up from $44.00) on shares of Chegg in a research note on Tuesday, July 30th. Barrington Research increased their price objective on Chegg from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Finally, William Blair assumed coverage on Chegg in a research note on Monday, August 12th. They set an “outperform” rating for the company. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Chegg currently has a consensus rating of “Buy” and an average price target of $44.33.
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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