SeaTown Holdings Pte. Ltd. trimmed its position in shares of Chegg Inc (NYSE:CHGG) by 23.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,157 shares of the technology company’s stock after selling 15,114 shares during the period. SeaTown Holdings Pte. Ltd.’s holdings in Chegg were worth $1,897,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado raised its stake in Chegg by 12.4% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 692,816 shares of the technology company’s stock valued at $26,736,000 after purchasing an additional 76,310 shares during the last quarter. Aperio Group LLC acquired a new position in shares of Chegg in the 2nd quarter valued at $241,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Chegg by 20.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,345 shares of the technology company’s stock valued at $245,000 after buying an additional 1,061 shares in the last quarter. Redwood Investments LLC raised its stake in shares of Chegg by 3.1% in the 2nd quarter. Redwood Investments LLC now owns 377,839 shares of the technology company’s stock valued at $14,581,000 after buying an additional 11,330 shares in the last quarter. Finally, Strs Ohio raised its stake in shares of Chegg by 399.4% in the 2nd quarter. Strs Ohio now owns 76,900 shares of the technology company’s stock valued at $2,967,000 after buying an additional 61,500 shares in the last quarter.
Shares of NYSE:CHGG traded up $0.02 during mid-day trading on Tuesday, reaching $41.50. The stock had a trading volume of 88,952 shares, compared to its average volume of 1,621,487. The company has a market cap of $4.97 billion, a price-to-earnings ratio of 462.89, a PEG ratio of 5.88 and a beta of 0.99. The stock has a 50 day moving average of $42.51. The company has a debt-to-equity ratio of 1.90, a quick ratio of 13.22 and a current ratio of 13.22. Chegg Inc has a twelve month low of $22.67 and a twelve month high of $48.22.
A number of brokerages have recently issued reports on CHGG. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective (up previously from $44.00) on shares of Chegg in a research note on Tuesday, July 30th. William Blair began coverage on shares of Chegg in a research note on Monday. They issued an “outperform” rating for the company. Craig Hallum increased their price objective on shares of Chegg from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Lake Street Capital restated a “hold” rating and issued a $34.00 price objective (up previously from $33.00) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Morgan Stanley upped their target price on shares of Chegg from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 30th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Chegg currently has a consensus rating of “Buy” and an average target price of $44.18.
In other Chegg news, insider Andrew J. Brown sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $44.82, for a total transaction of $8,964,000.00. Following the sale, the insider now directly owns 239,092 shares in the company, valued at approximately $10,716,103.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Rosensweig sold 165,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $36.58, for a total transaction of $6,035,700.00. Following the sale, the chief executive officer now owns 2,237,161 shares in the company, valued at $81,835,349.38. The disclosure for this sale can be found here. Insiders sold a total of 1,094,694 shares of company stock worth $45,378,286 over the last quarter. 5.80% of the stock is currently owned by corporate insiders.
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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