Enlightenment Research LLC Takes $207,000 Position in Chegg Inc (NYSE:CHGG)

Enlightenment Research LLC bought a new stake in Chegg Inc (NYSE:CHGG) during the third quarter, Holdings Channel reports. The institutional investor bought 6,900 shares of the technology company’s stock, valued at approximately $207,000.

Several other hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. lifted 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. Sylebra Capital Ltd lifted its holdings in shares of Chegg by 0.3% in the second quarter. Sylebra Capital Ltd now owns 3,542,705 shares of the technology company’s stock valued at $136,713,000 after purchasing an additional 11,964 shares in the last quarter. Bank of America Corp DE lifted 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. TimesSquare Capital Management LLC lifted 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. Finally, Northern Trust Corp lifted its holdings in shares of Chegg by 1.3% in the second quarter. Northern Trust Corp now owns 1,520,744 shares of the technology company’s stock valued at $58,685,000 after purchasing an additional 19,775 shares in the last quarter.

NYSE:CHGG traded up $0.41 during trading hours on Thursday, reaching $32.71. The stock had a trading volume of 16,634 shares, compared to its average volume of 1,877,209. The company has a debt-to-equity ratio of 1.90, a quick ratio of 13.22 and a current ratio of 13.22. The stock has a 50 day simple moving average of $33.64 and a 200 day simple moving average of $38.10. Chegg Inc has a 12-month low of $22.67 and a 12-month high of $48.22. The stock has a market cap of $3.91 billion, a P/E ratio of 363.72, a price-to-earnings-growth ratio of 4.90 and a beta of 0.96.

Chegg (NYSE:CHGG) last released its earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. Chegg had a positive return on equity of 7.12% and a negative net margin of 4.07%. The business had revenue of $93.90 million during the quarter, compared to the consensus estimate of $92.44 million. During the same period last year, the business posted $0.12 earnings per share. The business’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities analysts expect that Chegg Inc will post 0.22 earnings per share for the current fiscal year.

In other Chegg news, CMO Esther Lem sold 50,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $32.00, for a total value of $1,600,000.00. Following the completion of the sale, the chief marketing officer now directly owns 306,345 shares of the company’s stock, valued at $9,803,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John E. York sold 12,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.55, for a total value of $369,375.00. Following the completion of the sale, the director now directly owns 26,035 shares of the company’s stock, valued at $769,334.25. The disclosure for this sale can be found here. Insiders sold 1,042,893 shares of company stock valued at $42,450,884 over the last three months. Company insiders own 5.80% of the company’s stock.

A number of analysts recently commented on CHGG shares. BMO Capital Markets dropped their price target on Chegg from $49.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target (up from $44.00) on shares of Chegg in a report on Tuesday, July 30th. Zacks Investment Research lowered Chegg from a “buy” rating to a “hold” rating in a report on Monday. ValuEngine lowered Chegg from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, William Blair started coverage on Chegg in a report on Monday, August 12th. They set an “outperform” rating on the stock. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Chegg has a consensus rating of “Buy” and an average price target of $42.46.

About Chegg

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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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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