American International Group Inc. boosted its position in shares of Chegg Inc (NYSE:CHGG) by 21.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,166 shares of the technology company’s stock after buying an additional 11,268 shares during the quarter. American International Group Inc. owned approximately 0.06% of Chegg worth $937,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. bought a new stake in Chegg during the 2nd quarter valued at $104,000. BNP Paribas Arbitrage SA raised its holdings in Chegg by 1,829.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after buying an additional 8,582 shares during the last quarter. Stifel Financial Corp bought a new stake in Chegg during the 2nd quarter valued at $116,000. Bank of America Corp DE raised its holdings in Chegg by 29.0% during the 1st quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock valued at $120,000 after buying an additional 3,205 shares during the last quarter. Finally, Cipher Capital LP bought a new stake in Chegg during the 2nd quarter valued at $127,000.
A number of equities research analysts recently commented on the stock. Citigroup assumed coverage on shares of Chegg in a report on Monday, November 20th. They set a “buy” rating and a $19.00 price target for the company. BidaskClub lowered shares of Chegg from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Zacks Investment Research upgraded shares of Chegg from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. J P Morgan Chase & Co upped their price objective on shares of Chegg from $15.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Finally, Northland Securities restated a “buy” rating and issued a $18.00 price objective on shares of Chegg in a report on Wednesday, November 1st. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Chegg presently has a consensus rating of “Buy” and a consensus price target of $15.42.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The business had revenue of $62.60 million during the quarter, compared to analyst estimates of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.17) EPS. equities research analysts predict that Chegg Inc will post -0.09 earnings per share for the current fiscal year.
In other news, CEO Daniel Rosensweig sold 200,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total value of $2,806,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Esther Lem sold 10,000 shares of the company’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $16.19, for a total transaction of $161,900.00. Following the completion of the sale, the chief marketing officer now directly owns 555,120 shares in the company, valued at $8,987,392.80. The disclosure for this sale can be found here. Insiders sold a total of 875,154 shares of company stock worth $13,212,199 over the last ninety days. Insiders own 20.40% of the company’s stock.
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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