Chegg Inc (CHGG) Position Lifted by Vanguard Group Inc.

Vanguard Group Inc. increased its position in shares of Chegg Inc (NYSE:CHGG) by 12.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,365,544 shares of the technology company’s stock after acquiring an additional 1,174,038 shares during the quarter. Vanguard Group Inc. owned about 9.02% of Chegg worth $294,693,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Man Group plc lifted its stake in Chegg by 11.9% in the third quarter. Man Group plc now owns 21,889 shares of the technology company’s stock valued at $623,000 after buying an additional 2,333 shares in the last quarter. American International Group Inc. lifted its stake in Chegg by 3.7% in the third quarter. American International Group Inc. now owns 71,950 shares of the technology company’s stock valued at $2,046,000 after buying an additional 2,593 shares in the last quarter. Teachers Advisors LLC lifted its stake in Chegg by 1.5% in the third quarter. Teachers Advisors LLC now owns 221,183 shares of the technology company’s stock valued at $6,288,000 after buying an additional 3,244 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Chegg by 9.4% in the third quarter. State Board of Administration of Florida Retirement System now owns 38,436 shares of the technology company’s stock valued at $1,093,000 after buying an additional 3,300 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its stake in Chegg by 11.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 34,346 shares of the technology company’s stock valued at $954,000 after buying an additional 3,464 shares in the last quarter. 99.55% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Thursday, November 8th. First Analysis raised shares of Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, October 30th. Barrington Research reaffirmed a “buy” rating and issued a $32.00 price target on shares of Chegg in a research note on Friday, October 5th. Jefferies Financial Group cut their price target on shares of Chegg from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Tuesday, October 30th. Finally, Craig Hallum raised shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Chegg presently has an average rating of “Buy” and a consensus price target of $27.56.

In related news, Director Ted Schlein sold 34,750 shares of the business’s stock in a transaction on Thursday, December 13th. The shares were sold at an average price of $28.84, for a total transaction of $1,002,190.00. Following the transaction, the director now directly owns 178,540 shares in the company, valued at $5,149,093.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction on Monday, November 12th. The stock was sold at an average price of $26.34, for a total transaction of $3,951,000.00. Following the transaction, the chief executive officer now owns 2,435,450 shares in the company, valued at $64,149,753. The disclosure for this sale can be found here. Insiders sold 501,232 shares of company stock worth $14,570,947 over the last quarter. 10.80% of the stock is owned by corporate insiders.

NYSE CHGG opened at $32.36 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 6.56 and a current ratio of 6.56. Chegg Inc has a 12-month low of $15.47 and a 12-month high of $33.25. The company has a market capitalization of $3.73 billion, a PE ratio of -359.56, a price-to-earnings-growth ratio of 7.34 and a beta of 1.21.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, October 29th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.04. Chegg had a negative net margin of 5.55% and a positive return on equity of 1.75%. The company had revenue of $74.20 million for the quarter, compared to the consensus estimate of $69.02 million. During the same period last year, the company earned $0.01 earnings per share. The firm’s revenue was up 18.5% compared to the same quarter last year. On average, analysts predict that Chegg Inc will post 0.09 EPS for the current fiscal year.

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About Chegg

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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