Russell Investments Group Ltd. bought a new stake in Chegg Inc (NYSE:CHGG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 333,332 shares of the company’s stock, valued at approximately $2,484,000.
Other hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its stake in Chegg by 23.1% in the third quarter. Wells Fargo & Company MN now owns 28,051 shares of the company’s stock valued at $199,000 after buying an additional 5,258 shares in the last quarter. Great West Life Assurance Co. Can acquired a new stake in Chegg during the third quarter valued at about $101,000. Gilder Gagnon Howe & Co. LLC acquired a new stake in Chegg during the third quarter valued at about $105,000. Timpani Capital Management LLC acquired a new stake in Chegg during the third quarter valued at about $982,000. Finally, Emerald Advisers Inc. PA raised its stake in Chegg by 8.1% in the third quarter. Emerald Advisers Inc. PA now owns 2,066,302 shares of the company’s stock valued at $14,650,000 after buying an additional 154,230 shares in the last quarter. Institutional investors and hedge funds own 67.17% of the company’s stock.
Shares of Chegg Inc (NYSE:CHGG) opened at 8.28 on Tuesday. The company’s market cap is $760.35 million. Chegg Inc has a 1-year low of $4.03 and a 1-year high of $8.57. The firm has a 50-day moving average price of $7.73 and a 200 day moving average price of $7.44.
Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 13th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The firm earned $56.40 million during the quarter, compared to analyst estimates of $58.68 million. Chegg had a negative net margin of 16.63% and a negative return on equity of 15.10%. The business’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, analysts predict that Chegg Inc will post $0.19 EPS for the current fiscal year.
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CHGG has been the topic of several research analyst reports. Zacks Investment Research lowered Chegg from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 10th. Jefferies Group LLC restated a “buy” rating and issued a $12.00 price objective on shares of Chegg in a research note on Tuesday, December 6th. Craig Hallum restated a “hold” rating and issued a $8.00 price objective on shares of Chegg in a research note on Saturday, January 14th. Finally, Barrington Research upped their price objective on Chegg from $11.00 to $12.50 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Chegg has a consensus rating of “Buy” and a consensus target price of $9.25.
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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