Gilder Gagnon Howe & Co. LLC lessened its position in shares of Chegg Inc (NYSE:CHGG) by 8.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,535,205 shares of the technology company’s stock after selling 142,337 shares during the period. Gilder Gagnon Howe & Co. LLC owned approximately 1.24% of Chegg worth $103,258,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Chegg by 18,377.4% during the 1st quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after acquiring an additional 596,714 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Chegg by 196.7% during the 1st quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock valued at $6,237,000 after acquiring an additional 108,483 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Chegg by 107.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock valued at $1,141,000 after acquiring an additional 15,543 shares during the last quarter. Raymond James & Associates lifted its position in shares of Chegg by 61.2% during the 1st quarter. Raymond James & Associates now owns 34,156 shares of the technology company’s stock valued at $1,222,000 after acquiring an additional 12,961 shares during the last quarter. Finally, Comerica Bank acquired a new stake in shares of Chegg during the 1st quarter valued at $722,000.
Chegg stock traded down $1.96 during mid-day trading on Friday, hitting $67.94. 4,078,965 shares of the company’s stock were exchanged, compared to its average volume of 3,678,187. 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 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 Inc has a 1-year low of $25.89 and a 1-year high of $89.82. The stock has a 50 day moving average of $77.32 and a two-hundred day moving average of $56.98.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 3rd. The technology company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. The firm had revenue of $153.01 million for the quarter, compared to the consensus estimate of $117.79 million. Chegg had a net margin of 0.32% and a return on equity of 15.48%. The business’s quarterly revenue was up 63.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share. As a group, research analysts predict that Chegg Inc will post 0.68 EPS for the current fiscal year.
In other Chegg news, CEO Daniel Rosensweig sold 28,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $84.61, for a total transaction of $2,369,080.00. Following the transaction, the chief executive officer now directly owns 2,063,179 shares of the company’s stock, valued at $174,565,575.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John E. York sold 10,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $68.02, for a total transaction of $680,200.00. Following the transaction, the director now directly owns 26,209 shares in the company, valued at $1,782,736.18. The disclosure for this sale can be found here. Insiders have sold 215,126 shares of company stock worth $16,205,166 over the last three months. Company insiders own 3.10% of the company’s stock.
A number of research firms have recently issued reports on CHGG. Raymond James increased their target price on Chegg from $60.00 to $93.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Zacks Investment Research lowered Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, July 7th. Jefferies Financial Group increased their target price on Chegg from $80.00 to $99.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. They noted that the move was a valuation call. Needham & Company LLC increased their target price on Chegg from $70.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Piper Sandler began coverage on Chegg in a report on Wednesday, August 26th. They issued an “overweight” rating and a $90.00 target price for the company. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Chegg currently has a consensus rating of “Buy” and a consensus target price of $82.70.
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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