Pier Capital LLC reduced its stake in Chegg Inc (NYSE:CHGG) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 362,875 shares of the technology company’s stock after selling 18,696 shares during the period. Pier Capital LLC owned approximately 0.33% of Chegg worth $5,922,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Chegg by 4.2% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 7,337,758 shares of the technology company’s stock worth $119,752,000 after buying an additional 294,847 shares during the last quarter. Sylebra HK Co Ltd increased its holdings in shares of Chegg by 3.8% in the 3rd quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after buying an additional 257,847 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Chegg by 1.3% in the 4th quarter. BlackRock Inc. now owns 5,566,601 shares of the technology company’s stock worth $90,847,000 after buying an additional 71,515 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Chegg by 14.0% in the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after buying an additional 409,956 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in shares of Chegg by 2.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 3,106,385 shares of the technology company’s stock worth $50,696,000 after buying an additional 80,480 shares during the last quarter.
A number of research firms have recently weighed in on CHGG. Citigroup downgraded shares of Chegg from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $22.70 to $23.00 in a report on Tuesday, March 13th. ValuEngine downgraded shares of Chegg from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Morgan Stanley began coverage on shares of Chegg in a report on Monday, February 26th. They issued an “equal weight” rating and a $23.00 target price on the stock. Zacks Investment Research downgraded shares of Chegg from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Finally, Barrington Research restated an “outperform” rating and issued a $22.00 target price (up from $19.00) on shares of Chegg in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $17.92.
Chegg Inc (NYSE CHGG) opened at $21.57 on Tuesday. Chegg Inc has a 52 week low of $7.91 and a 52 week high of $23.22.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.37%. The firm had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. During the same period in the previous year, the company earned $0.10 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. sell-side analysts anticipate that Chegg Inc will post 0.12 earnings per share for the current year.
In other Chegg news, Director Jeffrey T. Housenbold sold 49,607 shares of the business’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $21.99, for a total value of $1,090,857.93. Following the completion of the sale, the director now directly owns 11,980 shares of the company’s stock, valued at approximately $263,440.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Robin Tomasello sold 138,949 shares of the business’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $21.65, for a total transaction of $3,008,245.85. Following the completion of the sale, the vice president now directly owns 154,603 shares of the company’s stock, valued at $3,347,154.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 916,813 shares of company stock valued at $17,948,203. 20.40% of the stock is owned by corporate insiders.
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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