First Mercantile Trust Co. cut its stake in shares of Chegg Inc (NYSE:CHGG) by 26.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,369 shares of the technology company’s stock after selling 4,429 shares during the period. First Mercantile Trust Co.’s holdings in Chegg were worth $371,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in CHGG. Bank of America Corp DE grew its holdings in shares of Chegg by 223.4% in the second quarter. Bank of America Corp DE now owns 2,812,398 shares of the technology company’s stock valued at $108,530,000 after purchasing an additional 1,942,695 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Chegg by 7.2% in the second quarter. Baillie Gifford & Co. now owns 12,474,426 shares of the technology company’s stock valued at $481,388,000 after purchasing an additional 837,801 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Chegg by 216.1% in the second quarter. Renaissance Technologies LLC now owns 1,129,600 shares of the technology company’s stock valued at $43,591,000 after purchasing an additional 772,200 shares in the last quarter. FMR LLC grew its holdings in shares of Chegg by 18,377.4% in the first quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after purchasing an additional 596,714 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in shares of Chegg by 33.2% in the second quarter. TimesSquare Capital Management LLC now owns 2,081,350 shares of the technology company’s stock valued at $80,319,000 after purchasing an additional 519,130 shares in the last quarter.
A number of brokerages recently weighed in on CHGG. ValuEngine cut shares of Chegg from a “hold” rating to a “sell” rating in a report on Friday. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday. William Blair assumed coverage on shares of Chegg in a research note on Monday, August 12th. They issued an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target (up previously from $44.00) on shares of Chegg in a research note on Tuesday, July 30th. Finally, Barrington Research assumed coverage on shares of Chegg in a research note on Monday, October 14th. They issued a “buy” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $43.79.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.10. Chegg had a negative net margin of 3.27% and a positive return on equity of 9.53%. The company had revenue of $94.20 million during the quarter, compared to the consensus estimate of $89.04 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. As a group, research analysts anticipate that Chegg Inc will post 0.34 earnings per share for the current fiscal year.
In other news, General Counsel Dave Jr. Borders sold 6,657 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $39.34, for a total transaction of $261,886.38. Following the completion of the sale, the general counsel now owns 323,927 shares in the company, valued at approximately $12,743,288.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marne L. Levine sold 4,375 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $32.54, for a total transaction of $142,362.50. Following the sale, the director now owns 9,696 shares of the company’s stock, valued at approximately $315,507.84. The disclosure for this sale can be found here. Insiders have sold a total of 687,266 shares of company stock valued at $24,549,233 in the last 90 days. Insiders own 5.80% of the company’s stock.
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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