Castleark Management LLC Acquires New Holdings in Chegg, Inc. (CHGG)

Castleark Management LLC acquired a new position in Chegg, Inc. (NYSE:CHGG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 602,674 shares of the technology company’s stock, valued at approximately $7,407,000. Castleark Management LLC owned approximately 0.63% of Chegg at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CHGG. Wells Fargo & Company MN increased its holdings in shares of Chegg by 64.4% during the first quarter. Wells Fargo & Company MN now owns 88,677 shares of the technology company’s stock valued at $748,000 after acquiring an additional 34,743 shares in the last quarter. US Bancorp DE increased its holdings in shares of Chegg by 4.3% during the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after acquiring an additional 488 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Chegg by 7.7% during the first quarter. Bank of New York Mellon Corp now owns 330,216 shares of the technology company’s stock valued at $2,787,000 after acquiring an additional 23,586 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Chegg by 137.8% during the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock valued at $227,000 after acquiring an additional 15,574 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of Chegg by 58.0% during the first quarter. Parametric Portfolio Associates LLC now owns 43,235 shares of the technology company’s stock valued at $365,000 after acquiring an additional 15,877 shares in the last quarter. Institutional investors and hedge funds own 84.80% of the company’s stock.

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Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Jefferies Group LLC restated a “buy” rating and set a $17.00 price target on shares of Chegg in a report on Thursday, September 7th. Northland Securities restated a “buy” rating and set a $16.00 price target on shares of Chegg in a report on Tuesday, August 29th. BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a report on Saturday, August 26th. Finally, BMO Capital Markets restated an “outperform” rating and set a $18.00 price target (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $13.68.

Chegg, Inc. (CHGG) traded up 0.52% during midday trading on Friday, reaching $15.51. The company had a trading volume of 453,212 shares. The company’s market capitalization is $1.49 billion. The firm has a 50-day moving average of $14.70 and a 200 day moving average of $12.63. Chegg, Inc. has a 1-year low of $6.51 and a 1-year high of $15.95.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. On average, equities research analysts forecast that Chegg, Inc. will post $0.24 EPS for the current year.

In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the sale, the general counsel now directly owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Brown sold 100,000 share

A number of other institutional investors and hedge funds have also recently bought and sold shares of CHGG. Wells Fargo & Company MN increased its holdings in shares of Chegg by 64.4% during the first quarter. Wells Fargo & Company MN now owns 88,677 shares of the technology company’s stock valued at $748,000 after acquiring an additional 34,743 shares in the last quarter. US Bancorp DE increased its holdings in shares of Chegg by 4.3% during the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after acquiring an additional 488 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Chegg by 7.7% during the first quarter. Bank of New York Mellon Corp now owns 330,216 shares of the technology company’s stock valued at $2,787,000 after acquiring an additional 23,586 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Chegg by 137.8% during the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock valued at $227,000 after acquiring an additional 15,574 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of Chegg by 58.0% during the first quarter. Parametric Portfolio Associates LLC now owns 43,235 shares of the technology company’s stock valued at $365,000 after acquiring an additional 15,877 shares in the last quarter. Institutional investors and hedge funds own 84.80% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This report was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this report on another site, it was illegally copied and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be read at https://ledgergazette.com/2017/10/14/castleark-management-llc-acquires-new-holdings-in-chegg-inc-chgg.html.

Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Jefferies Group LLC restated a “buy” rating and set a $17.00 price target on shares of Chegg in a report on Thursday, September 7th. Northland Securities restated a “buy” rating and set a $16.00 price target on shares of Chegg in a report on Tuesday, August 29th. BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a report on Saturday, August 26th. Finally, BMO Capital Markets restated an “outperform” rating and set a $18.00 price target (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $13.68.

Chegg, Inc. (CHGG) traded up 0.52% during midday trading on Friday, reaching $15.51. The company had a trading volume of 453,212 shares. The company’s market capitalization is $1.49 billion. The firm has a 50-day moving average of $14.70 and a 200 day moving average of $12.63. Chegg, Inc. has a 1-year low of $6.51 and a 1-year high of $15.95.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. On average, equities research analysts forecast that Chegg, Inc. will post $0.24 EPS for the current year.

In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the sale, the general counsel now directly owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $14.00, for a total value of $1,400,000.00. Following the sale, the insider now directly owns 678,760 shares in the company, valued at $9,502,640. The disclosure for this sale can be found here. Insiders sold 472,494 shares of company stock worth $6,712,525 over the last three months. Corporate insiders own 20.40% of the company’s stock.

Chegg Company Profile

Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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