Mitsubishi UFJ Trust & Banking Corp cut its position in shares of Chegg, Inc. (NYSE:CHGG) by 0.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 682,065 shares of the technology company’s stock after selling 913 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Chegg were worth $58,426,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. KBC Group NV grew its holdings in Chegg by 5.8% in the first quarter. KBC Group NV now owns 88,056 shares of the technology company’s stock worth $7,543,000 after purchasing an additional 4,816 shares during the period. Essex Investment Management Co. LLC grew its holdings in Chegg by 2.0% in the fourth quarter. Essex Investment Management Co. LLC now owns 43,845 shares of the technology company’s stock worth $3,961,000 after purchasing an additional 845 shares during the period. Hsbc Holdings PLC grew its holdings in Chegg by 956.1% in the fourth quarter. Hsbc Holdings PLC now owns 124,743 shares of the technology company’s stock worth $11,347,000 after purchasing an additional 112,931 shares during the period. DE Burlo Group Inc. grew its holdings in Chegg by 16.0% in the fourth quarter. DE Burlo Group Inc. now owns 65,100 shares of the technology company’s stock worth $5,880,000 after purchasing an additional 9,000 shares during the period. Finally, Claraphi Advisory Network LLC lifted its stake in shares of Chegg by 6.3% in the first quarter. Claraphi Advisory Network LLC now owns 11,675 shares of the technology company’s stock valued at $1,000,000 after buying an additional 694 shares in the last quarter. Institutional investors own 97.22% of the company’s stock.
CHGG has been the topic of a number of recent research reports. FBN Securities initiated coverage on shares of Chegg in a research note on Tuesday, March 30th. They issued an “outperform” rating and a $105.00 price objective on the stock. Raymond James dropped their price target on shares of Chegg from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 4th. Lake Street Capital dropped their price target on shares of Chegg from $98.00 to $93.00 and set a “hold” rating on the stock in a research report on Tuesday, May 4th. Zacks Investment Research lowered shares of Chegg from a “hold” rating to a “sell” rating in a research report on Tuesday, May 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $120.00 price target on shares of Chegg in a research report on Monday, March 22nd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $104.22.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Sunday, May 2nd. The technology company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.02). The firm had revenue of $198.40 million for the quarter, compared to analysts’ expectations of $184.59 million. Chegg had a negative net margin of 9.24% and a positive return on equity of 14.04%. Chegg’s revenue was up 50.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 EPS. On average, equities analysts anticipate that Chegg, Inc. will post 0.82 earnings per share for the current year.
In other Chegg news, insider John Paul Fillmore sold 19,714 shares of Chegg stock in a transaction that occurred on Tuesday, April 13th. The shares were sold at an average price of $90.79, for a total transaction of $1,789,834.06. Following the completion of the sale, the insider now directly owns 138,146 shares in the company, valued at $12,542,275.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Esther Lem sold 34,449 shares of Chegg stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $89.34, for a total transaction of $3,077,673.66. Following the sale, the chief marketing officer now owns 157,835 shares of the company’s stock, valued at $14,100,978.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,163 shares of company stock valued at $10,495,808. 1.90% of the stock is owned by corporate insiders.
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 to learn their course materials, succeed in their classes, and save money on required materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.
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