Emerald Advisers Inc. PA cut its position in Chegg Inc. (NYSE:CHGG) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,912,072 shares of the company’s stock after selling 169,640 shares during the period. Emerald Advisers Inc. PA’s holdings in Chegg were worth $9,560,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the company. Prudential PLC increased its stake in Chegg by 44.0% in the first quarter. Prudential PLC now owns 2,971,278 shares of the company’s stock worth $13,252,000 after buying an additional 907,883 shares during the period. A.R.T. Advisors LLC increased its stake in Chegg by 74.1% in the first quarter. A.R.T. Advisors LLC now owns 193,318 shares of the company’s stock worth $862,000 after buying an additional 82,300 shares during the period. American Century Companies Inc. increased its stake in Chegg by 7.8% in the second quarter. American Century Companies Inc. now owns 458,552 shares of the company’s stock worth $2,293,000 after buying an additional 33,180 shares during the period. Geode Capital Management LLC increased its stake in Chegg by 8.9% in the first quarter. Geode Capital Management LLC now owns 372,178 shares of the company’s stock worth $1,659,000 after buying an additional 30,451 shares during the period. Finally, Primecap Management Co. CA increased its stake in Chegg by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,581,990 shares of the company’s stock worth $51,656,000 after buying an additional 84,000 shares during the period. Hedge funds and other institutional investors own 67.20% of the company’s stock.
Chegg Inc. (NYSE:CHGG) traded up 1.82% during midday trading on Thursday, reaching $7.28. 912,952 shares of the company’s stock traded hands. The firm’s 50-day moving average is $7.00 and its 200-day moving average is $5.49. Chegg Inc. has a 1-year low of $3.15 and a 1-year high of $8.03. The company’s market capitalization is $662.68 million.
Chegg (NYSE:CHGG) last issued its earnings results on Monday, August 1st. The company reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. The business earned $53 million during the quarter, compared to analysts’ expectations of $67.10 million. Chegg had a negative net margin of 16.81% and a negative return on equity of 15.55%. The company’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.01 earnings per share. Analysts forecast that Chegg Inc. will post $0.10 earnings per share for the current year.
A number of analysts have recently weighed in on CHGG shares. Barrington Research boosted their target price on shares of Chegg from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Thursday, September 29th. Jefferies Group reaffirmed a “buy” rating and set a $12.00 price target on shares of Chegg in a research note on Monday, July 11th. Piper Jaffray Cos. lifted their price target on shares of Chegg from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $7.00 price target (up from $6.00) on shares of Chegg in a research note on Wednesday, August 3rd. Finally, TheStreet raised shares of Chegg from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $8.41.
In other news, insider Charles Geiger sold 74,334 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $6.06, for a total value of $450,464.04. Following the completion of the sale, the insider now directly owns 296,731 shares in the company, valued at $1,798,189.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.00% of the stock is currently owned by 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. It 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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