Coatue Management LLC lowered its position in shares of Chegg Inc (NYSE:CHGG) by 39.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,483 shares of the technology company’s stock after selling 2,269 shares during the period. Coatue Management LLC’s holdings in Chegg were worth $234,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. bought a new position in shares of Chegg during the first quarter worth about $1,237,000. Sigma Planning Corp bought a new position in shares of Chegg during the second quarter worth about $270,000. Advisory Services Network LLC grew its position in shares of Chegg by 9,969.5% during the second quarter. Advisory Services Network LLC now owns 21,448 shares of the technology company’s stock worth $1,443,000 after acquiring an additional 21,235 shares during the last quarter. Optimum Investment Advisors bought a new position in shares of Chegg during the second quarter worth about $40,000. Finally, Toth Financial Advisory Corp bought a new position in Chegg in the 2nd quarter valued at about $302,000.
A number of equities analysts recently issued reports on the stock. Craig Hallum increased their target price on shares of Chegg from $65.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. KeyCorp increased their target price on shares of Chegg from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Morgan Stanley increased their target price on shares of Chegg from $83.00 to $96.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Citigroup upgraded shares of Chegg from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Tuesday, August 4th. Finally, Northland Securities increased their target price on shares of Chegg from $75.00 to $95.00 in a research report on Tuesday, August 4th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $82.70.
In related news, CEO Daniel Rosensweig sold 28,000 shares of Chegg stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $84.61, for a total transaction of $2,369,080.00. Following the sale, the chief executive officer now directly owns 2,063,179 shares in the company, valued at $174,565,575.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nathan J. Schultz sold 82,459 shares of Chegg stock in a transaction on Friday, July 31st. The stock was sold at an average price of $80.34, for a total value of $6,624,756.06. Following the sale, the insider now owns 316,062 shares in the company, valued at $25,392,421.08. The disclosure for this sale can be found here. Insiders sold 215,126 shares of company stock worth $16,205,166 in the last 90 days. Corporate insiders own 3.10% of the company’s stock.
CHGG stock traded down $1.96 during mid-day trading on Friday, reaching $67.94. 4,078,965 shares of the stock traded hands, compared to its average volume of 3,678,187. Chegg Inc has a 52-week low of $25.89 and a 52-week high of $89.82. The company has a current ratio of 8.20, a quick ratio of 8.20 and a debt-to-equity ratio of 1.86. The stock’s fifty day moving average is $77.32 and its 200-day moving average is $56.98. The company has a market cap of $8.40 billion, a P/E ratio of -6,787.21, a P/E/G ratio of 3.34 and a beta of 0.97.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 3rd. The technology company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. Chegg had a return on equity of 15.48% and a net margin of 0.32%. The company had revenue of $153.01 million for the quarter, compared to analyst estimates of $117.79 million. During the same quarter last year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 63.0% on a year-over-year basis. Equities research analysts expect that Chegg Inc will post 0.68 earnings per share for the current year.
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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