Pier Capital LLC grew its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 4.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 381,571 shares of the technology company’s stock after buying an additional 17,631 shares during the period. Pier Capital LLC owned 0.35% of Chegg worth $5,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Chegg during the second quarter worth about $55,365,000. Fred Alger Management Inc. acquired a new stake in shares of Chegg during the second quarter worth about $31,014,000. Millennium TVP Management Co. LLC acquired a new stake in shares of Chegg during the third quarter worth about $25,896,000. Lord Abbett & CO. LLC increased its position in shares of Chegg by 113.7% during the second quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock worth $26,028,000 after purchasing an additional 1,126,806 shares in the last quarter. Finally, Columbus Circle Investors acquired a new stake in shares of Chegg during the third quarter worth about $14,234,000.
In other Chegg news, insider Charles Geiger sold 56,970 shares of Chegg stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $14.96, for a total value of $852,271.20. Following the sale, the insider now owns 543,470 shares of the company’s stock, valued at approximately $8,130,311.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total value of $199,635.36. Following the completion of the sale, the general counsel now directly owns 443,810 shares in the company, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. Insiders sold a total of 635,154 shares of company stock worth $9,322,699 in the last ninety days. 20.40% of the stock is owned by corporate insiders.
Chegg, Inc. (NYSE:CHGG) opened at $14.00 on Tuesday. Chegg, Inc. has a 52-week low of $6.84 and a 52-week high of $16.50.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The firm had revenue of $62.60 million for the quarter, compared to analysts’ expectations of $57.75 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. sell-side analysts forecast that Chegg, Inc. will post -0.09 EPS for the current fiscal year.
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Chegg Company Profile
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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