Advisory Services Network LLC Cuts Position in Chegg, Inc. (NYSE:CHGG)

Advisory Services Network LLC lessened its holdings in Chegg, Inc. (NYSE:CHGG) by 85.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,981 shares of the technology company’s stock after selling 16,986 shares during the period. Advisory Services Network LLC’s holdings in Chegg were worth $203,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sycomore Asset Management purchased a new position in shares of Chegg in the 3rd quarter worth approximately $8,750,000. Foundations Investment Advisors LLC boosted its stake in shares of Chegg by 25.9% in the 3rd quarter. Foundations Investment Advisors LLC now owns 3,076 shares of the technology company’s stock worth $215,000 after buying an additional 633 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Chegg by 5.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 158,562 shares of the technology company’s stock worth $13,178,000 after buying an additional 8,390 shares during the last quarter. Balyasny Asset Management LLC purchased a new position in shares of Chegg in the 2nd quarter worth approximately $9,209,000. Finally, Quest Investment Management LLC boosted its stake in shares of Chegg by 14.8% in the 2nd quarter. Quest Investment Management LLC now owns 42,987 shares of the technology company’s stock worth $3,573,000 after buying an additional 5,538 shares during the last quarter. Hedge funds and other institutional investors own 93.76% of the company’s stock.

Chegg stock opened at $28.94 on Friday. The stock has a market cap of $4.19 billion, a P/E ratio of -482.25, a PEG ratio of 2.26 and a beta of 0.91. Chegg, Inc. has a fifty-two week low of $24.25 and a fifty-two week high of $115.21. The firm’s fifty day moving average price is $28.69 and its 200-day moving average price is $58.99. The company has a debt-to-equity ratio of 1.24, a quick ratio of 13.64 and a current ratio of 13.65.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Sunday, October 31st. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $171.90 million for the quarter, compared to analysts’ expectations of $173.79 million. Chegg had a net margin of 0.04% and a return on equity of 11.02%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Sell-side analysts predict that Chegg, Inc. will post 0.59 earnings per share for the current year.

In related news, CEO Daniel Rosensweig bought 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 1st. The stock was bought at an average cost of $28.52 per share, for a total transaction of $713,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ted Schlein bought 35,470 shares of the business’s stock in a transaction that occurred on Thursday, December 2nd. The stock was bought at an average price of $28.54 per share, with a total value of $1,012,313.80. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company’s stock.

A number of equities research analysts recently commented on the stock. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $117.00 to $50.00 in a report on Tuesday, November 2nd. TheStreet cut shares of Chegg from a “c-” rating to a “d+” rating in a report on Tuesday, November 16th. Zacks Investment Research cut shares of Chegg from a “buy” rating to a “sell” rating in a report on Friday, November 5th. Northland Securities cut shares of Chegg from an “outperform” rating to a “market perform” rating and set a $53.00 price target on the stock. in a report on Tuesday, November 2nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday, November 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $70.71.

Chegg Company Profile

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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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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