Verition Fund Management LLC acquired a new position in Chegg Inc (NYSE:CHGG) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,879 shares of the technology company’s stock, valued at approximately $307,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CHGG. SG Americas Securities LLC purchased a new position in Chegg during the 1st quarter valued at about $137,000. Xact Kapitalforvaltning AB purchased a new position in Chegg during the 4th quarter valued at about $169,000. Suntrust Banks Inc. purchased a new position in Chegg during the 4th quarter valued at about $182,000. Millennium Management LLC purchased a new position in Chegg during the 4th quarter valued at about $388,000. Finally, Oppenheimer Asset Management Inc. grew its holdings in Chegg by 108.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,654 shares of the technology company’s stock valued at $468,000 after buying an additional 11,786 shares in the last quarter.
A number of research analysts have weighed in on the company. Jefferies Financial Group lowered Chegg from a “buy” rating to a “hold” rating and reduced their target price for the company from $27.00 to $14.00 in a report on Thursday, June 21st. They noted that the move was a valuation call. Northland Securities raised Chegg to a “top pick” rating in a report on Tuesday, June 12th. Barrington Research lifted their target price on Chegg from $25.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, June 22nd. Morgan Stanley lifted their target price on Chegg from $23.00 to $24.00 and gave the company a “hold” rating in a report on Friday, April 27th. Finally, Citigroup lifted their target price on Chegg from $22.70 to $24.00 and gave the company a “hold” rating in a report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $21.40.
In other news, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $21.86, for a total transaction of $3,279,000.00. Following the completion of the transaction, the chief executive officer now owns 2,371,847 shares of the company’s stock, valued at $51,848,575.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Dave Jr. Borders sold 15,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $20.26, for a total value of $303,900.00. Following the transaction, the general counsel now directly owns 498,584 shares of the company’s stock, valued at approximately $10,101,311.84. The disclosure for this sale can be found here. Insiders have sold 1,108,601 shares of company stock valued at $27,888,133 in the last three months. 10.80% of the stock is owned by insiders.
Shares of NYSE CHGG opened at $27.60 on Friday. Chegg Inc has a 12 month low of $11.93 and a 12 month high of $29.76. The stock has a market cap of $3.03 billion, a PE ratio of -306.67, a price-to-earnings-growth ratio of 18.64 and a beta of 1.48.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Thursday, April 26th. The technology company reported $0.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.01. Chegg had a negative return on equity of 0.95% and a negative net margin of 6.12%. The company had revenue of $76.95 million during the quarter, compared to analyst estimates of $74.15 million. During the same quarter in the previous year, the firm earned $0.06 earnings per share. Chegg’s revenue was up 22.9% on a year-over-year basis. research analysts forecast that Chegg Inc will post 0.06 EPS for the current fiscal year.
Chegg announced that its board has authorized a share buyback program on Wednesday, March 28th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the technology company to buy up to 0.9% of its stock through a private placement purchase. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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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