Insider Selling: Chegg Inc (CHGG) CEO Sells 150,000 Shares of Stock

Chegg Inc (NYSE:CHGG) CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $29.28, for a total value of $4,392,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Daniel Rosensweig also recently made the following trade(s):

  • On Thursday, July 12th, Daniel Rosensweig sold 150,000 shares of Chegg stock. The shares were sold at an average price of $28.91, for a total value of $4,336,500.00.
  • On Tuesday, June 12th, Daniel Rosensweig sold 150,000 shares of Chegg stock. The shares were sold at an average price of $29.15, for a total value of $4,372,500.00.

Shares of NYSE CHGG opened at $29.76 on Friday. Chegg Inc has a 1-year low of $13.52 and a 1-year high of $30.23. The company has a current ratio of 10.11, a quick ratio of 10.11 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -330.67, a P/E/G ratio of 14.90 and a beta of 1.43.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, July 30th. The technology company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. Chegg had a positive return on equity of 0.87% and a negative net margin of 5.01%. The firm had revenue of $74.22 million for the quarter, compared to analyst estimates of $70.16 million. During the same period last year, the company earned $0.06 earnings per share. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. sell-side analysts anticipate that Chegg Inc will post 0.07 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in Chegg by 17.3% in the second quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock worth $184,758,000 after buying an additional 978,343 shares during the period. FMR LLC increased its position in Chegg by 19.3% in the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock worth $175,664,000 after buying an additional 1,022,400 shares during the period. Baillie Gifford & Co. increased its position in Chegg by 10.7% in the second quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock worth $129,597,000 after buying an additional 450,585 shares during the period. Artisan Partners Limited Partnership increased its position in Chegg by 0.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,479,400 shares of the technology company’s stock worth $41,113,000 after buying an additional 9,686 shares during the period. Finally, Northern Trust Corp increased its position in Chegg by 1.3% in the first quarter. Northern Trust Corp now owns 1,138,027 shares of the technology company’s stock worth $23,512,000 after buying an additional 14,199 shares during the period.

Several equities research analysts recently issued reports on CHGG shares. Lake Street Capital upped their price target on Chegg from $20.00 to $26.00 and gave the company a “hold” rating in a research report on Tuesday, July 31st. Citigroup upped their price target on Chegg from $23.50 to $27.00 and gave the company a “hold” rating in a research report on Tuesday, July 31st. Morgan Stanley upped their price target on Chegg from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Friday, April 27th. Craig Hallum lowered Chegg from a “buy” rating to a “hold” rating in a research report on Friday, April 27th. They noted that the move was a valuation call. Finally, Jefferies Financial Group lowered Chegg from a “buy” rating to a “hold” rating and dropped their price target for the company from $27.00 to $14.00 in a research report on Thursday, June 21st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.44.

Chegg Company Profile

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.

Recommended Story: Investing in Growth Stocks

Insider Buying and Selling by Quarter for Chegg (NYSE:CHGG)

Receive News & Ratings for Chegg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply