Marshall Wace North America L.P. acquired a new stake in shares of Chegg Inc (NYSE:CHGG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 37,512 shares of the technology company’s stock, valued at approximately $1,421,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in shares of Chegg by 39.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 995 shares of the technology company’s stock worth $38,000 after acquiring an additional 280 shares during the last quarter. Symphony Asset Management LLC acquired a new stake in shares of Chegg in the 4th quarter worth about $213,000. We Are One Seven LLC acquired a new stake in shares of Chegg in the 4th quarter worth about $227,000. Banque Cantonale Vaudoise acquired a new stake in shares of Chegg in the 4th quarter worth about $238,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Chegg by 49.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,596 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,189 shares during the last quarter.
In other Chegg news, insider Michael A. Osier sold 6,115 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $40.26, for a total value of $246,189.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew J. Brown sold 16,542 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $40.06, for a total transaction of $662,672.52. Following the completion of the sale, the chief financial officer now directly owns 262,268 shares of the company’s stock, valued at $10,506,456.08. The disclosure for this sale can be found here. Insiders sold a total of 544,248 shares of company stock valued at $22,436,654 over the last ninety days. 5.80% of the stock is currently owned by insiders.
CHGG has been the topic of a number of analyst reports. Citigroup lowered their target price on shares of Chegg from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday. Needham & Company LLC restated a “buy” rating and issued a $40.00 target price (down previously from $53.00) on shares of Chegg in a report on Friday, March 20th. Morgan Stanley lowered their target price on shares of Chegg from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday. Lake Street Capital upped their target price on shares of Chegg from $35.00 to $39.00 and gave the stock a “hold” rating in a report on Tuesday, February 11th. Finally, Barrington Research restated a “buy” rating and issued a $50.00 target price on shares of Chegg in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $43.92.
Shares of CHGG stock opened at $34.03 on Thursday. Chegg Inc has a 52-week low of $25.89 and a 52-week high of $48.22. The company has a debt-to-equity ratio of 1.80, a quick ratio of 11.31 and a current ratio of 11.31. The company has a 50-day simple moving average of $37.97 and a two-hundred day simple moving average of $36.66. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of -340.27, a PEG ratio of 2.49 and a beta of 0.88.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 10th. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. Chegg had a negative net margin of 2.34% and a positive return on equity of 11.24%. The business had revenue of $125.50 million during the quarter, compared to the consensus estimate of $123.05 million. During the same period in the prior year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts forecast that Chegg Inc will post 0.46 EPS for the current fiscal year.
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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