Chegg Inc (CHGG) CEO Sells $4,660,500.00 in Stock

Chegg Inc (NYSE:CHGG) CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $31.07, for a total value of $4,660,500.00. Following the transaction, the chief executive officer now owns 2,435,450 shares of the company’s stock, valued at approximately $75,669,431.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Daniel Rosensweig also recently made the following trade(s):

  • On Monday, August 13th, Daniel Rosensweig sold 150,000 shares of Chegg stock. The shares were sold at an average price of $29.28, for a total value of $4,392,000.00.
  • On Thursday, July 12th, Daniel Rosensweig sold 150,000 shares of Chegg stock. The shares were sold at an average price of $28.91, for a total value of $4,336,500.00.

NYSE:CHGG traded down $0.27 during mid-day trading on Monday, hitting $27.60. 756,300 shares of the company’s stock traded hands, compared to its average volume of 1,324,714. The firm has a market capitalization of $3.24 billion, a P/E ratio of -312.00, a P/E/G ratio of 14.36 and a beta of 1.51. Chegg Inc has a twelve month low of $13.75 and a twelve month high of $32.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.11 and a quick ratio of 10.11.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, July 30th. The technology company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $74.22 million for the quarter, compared to analyst estimates of $70.16 million. Chegg had a positive return on equity of 0.87% and a negative net margin of 5.01%. Chegg’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. On average, analysts expect that Chegg Inc will post 0.07 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Baillie Gifford & Co. lifted its position in shares of Chegg by 288.4% in the first quarter. Baillie Gifford & Co. now owns 4,212,854 shares of the technology company’s stock valued at $87,038,000 after acquiring an additional 3,128,153 shares in the last quarter. Riverbridge Partners LLC acquired a new stake in shares of Chegg in the third quarter valued at approximately $32,262,000. FMR LLC increased its holdings in shares of Chegg by 19.3% in the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after purchasing an additional 1,022,400 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Chegg by 17.3% in the second quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock valued at $184,758,000 after purchasing an additional 978,343 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Chegg by 104.6% in the first quarter. Artisan Partners Limited Partnership now owns 1,469,714 shares of the technology company’s stock valued at $30,364,000 after purchasing an additional 751,353 shares during the last quarter.

Several equities research analysts have weighed in on CHGG shares. Northland Securities upgraded Chegg to a “top pick” rating in a report on Tuesday, June 12th. Citigroup upped their target price on Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Morgan Stanley upped their target price on Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Lake Street Capital upped their price objective on Chegg from $20.00 to $26.00 and gave the stock a “hold” rating in a research note on Tuesday, July 31st. Finally, Jefferies Financial Group cut Chegg from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $27.00 to $14.00 in a research note on Thursday, June 21st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and an average price target of $23.44.

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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