Suntrust Banks Inc. bought a new position in shares of Chegg Inc (NYSE:CHGG) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 11,185 shares of the technology company’s stock, valued at approximately $182,000.
Several other large investors have also modified their holdings of CHGG. Swiss National Bank increased its holdings in shares of Chegg by 30.9% in the 3rd quarter. Swiss National Bank now owns 150,100 shares of the technology company’s stock worth $2,227,000 after acquiring an additional 35,400 shares during the period. Columbus Circle Investors acquired a new stake in shares of Chegg in the 3rd quarter worth about $14,234,000. 1492 Capital Management LLC acquired a new stake in shares of Chegg in the 3rd quarter worth about $453,000. California Public Employees Retirement System acquired a new stake in shares of Chegg in the 2nd quarter worth about $408,000. Finally, Granahan Investment Management Inc. MA increased its holdings in shares of Chegg by 31.1% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 714,949 shares of the technology company’s stock worth $10,610,000 after acquiring an additional 169,709 shares during the period.
In other news, insider Jenny Brandemuehl sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $15.67, for a total transaction of $783,500.00. Following the completion of the transaction, the insider now owns 421,461 shares in the company, valued at approximately $6,604,293.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Brown sold 87,500 shares of the firm’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $22.57, for a total transaction of $1,974,875.00. Following the transaction, the insider now owns 709,572 shares of the company’s stock, valued at approximately $16,015,040.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,000,596 shares of company stock worth $18,271,796. 20.40% of the stock is owned by corporate insiders.
Chegg (NYSE:CHGG) last released its earnings results on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The firm had revenue of $73.51 million for the quarter, compared to analysts’ expectations of $70.61 million. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.37%. Chegg’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the company earned $0.10 EPS. analysts forecast that Chegg Inc will post 0.12 earnings per share for the current year.
A number of analysts recently weighed in on CHGG shares. Citigroup started coverage on shares of Chegg in a report on Monday, November 20th. They issued a “buy” rating and a $19.00 price objective on the stock. Northland Securities reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Chegg in a report on Tuesday, January 9th. BMO Capital Markets reissued a “buy” rating and set a $20.00 target price on shares of Chegg in a research note on Wednesday, January 17th. Lake Street Capital raised their target price on shares of Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Chegg has a consensus rating of “Buy” and a consensus target price of $17.58.
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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