Destination Wealth Management purchased a new stake in Chegg Inc (NYSE:CHGG) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 205,641 shares of the technology company’s stock, valued at approximately $3,356,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Great West Life Assurance Co. Can boosted its stake in shares of Chegg by 106.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after purchasing an additional 3,790 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of Chegg in the 2nd quarter valued at $104,000. Stifel Financial Corp bought a new stake in shares of Chegg in the 2nd quarter valued at $116,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Chegg in the 3rd quarter valued at $161,000. Finally, Parametrica Management Ltd bought a new stake in shares of Chegg in the 3rd quarter valued at $211,000.
Chegg Inc (CHGG) opened at $19.57 on Monday. Chegg Inc has a 12 month low of $7.81 and a 12 month high of $19.96.
Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The business had revenue of $73.51 million for the quarter, compared to analyst estimates of $70.61 million. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.64%. Chegg’s revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 earnings per share. equities analysts anticipate that Chegg Inc will post 0.11 earnings per share for the current year.
In other Chegg news, insider Michael A. Osier sold 200,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total transaction of $3,050,000.00. Following the transaction, the insider now owns 653,061 shares in the company, valued at $9,959,180.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Esther Lem sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $14.36, for a total transaction of $143,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 869,323 shares of company stock worth $14,302,385. 20.40% of the stock is owned by insiders.
A number of equities research analysts have recently commented on CHGG shares. Zacks Investment Research raised shares of Chegg from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Citigroup started coverage on shares of Chegg in a research note on Monday, November 20th. They issued a “buy” rating and a $19.00 price objective on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $19.00 price objective (up from $17.00) on shares of Chegg in a research note on Tuesday, October 31st. Northland Securities reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Chegg in a research note on Tuesday, January 9th. Finally, BidaskClub lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Chegg has an average rating of “Buy” and a consensus target price of $17.09.
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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.
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