Zevenbergen Capital Investments LLC lowered its stake in shares of Chegg, Inc. (NYSE:CHGG) by 6.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,203,670 shares of the technology company’s stock after selling 76,748 shares during the period. Chegg makes up 1.8% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 23rd biggest holding. Zevenbergen Capital Investments LLC’s holdings in Chegg were worth $100,037,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in CHGG. Menard Financial Group LLC bought a new stake in Chegg during the second quarter worth about $271,000. Edmond DE Rothschild Holding S.A. lifted its holdings in Chegg by 29.4% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 54,057 shares of the technology company’s stock valued at $4,493,000 after buying an additional 12,279 shares during the period. Tobam raised its holdings in Chegg by 3.2% in the second quarter. Tobam now owns 21,072 shares of the technology company’s stock worth $1,751,000 after purchasing an additional 658 shares during the period. Hartline Investment Corp raised its holdings in Chegg by 564.7% in the second quarter. Hartline Investment Corp now owns 72,172 shares of the technology company’s stock worth $5,998,000 after purchasing an additional 61,314 shares during the period. Finally, Atria Investments LLC raised its holdings in Chegg by 11.2% in the second quarter. Atria Investments LLC now owns 15,266 shares of the technology company’s stock worth $1,269,000 after purchasing an additional 1,537 shares during the period. 97.07% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on CHGG shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $95.00 target price on shares of Chegg in a research report on Wednesday, June 30th. Barrington Research reaffirmed a “buy” rating and set a $120.00 target price on shares of Chegg in a report on Tuesday, August 10th. Needham & Company LLC began coverage on shares of Chegg in a report on Wednesday, September 15th. They set a “buy” rating and a $120.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Chegg from a “strong sell” rating to a “hold” rating in a research note on Friday, July 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $102.83.
Chegg (NYSE:CHGG) last issued its earnings results on Sunday, August 8th. The technology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $198.48 million during the quarter, compared to analyst estimates of $190.11 million. Chegg had a negative net margin of 5.75% and a positive return on equity of 12.35%. The company’s quarterly revenue was up 29.7% on a year-over-year basis. During the same quarter last year, the business earned $0.37 earnings per share. As a group, sell-side analysts predict that Chegg, Inc. will post 0.87 EPS for the current year.
Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.
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