Russell Investments Group Ltd. cut its stake in shares of Chegg Inc (NYSE:CHGG) by 28.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 569,166 shares of the technology company’s stock after selling 225,714 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.50% of Chegg worth $16,177,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of CHGG. Riverbridge Partners LLC bought a new position in shares of Chegg during the third quarter valued at approximately $32,262,000. FMR LLC grew its holdings in shares of Chegg by 19.3% during the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after purchasing an additional 1,022,400 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Chegg by 17.3% during the second quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock valued at $184,758,000 after purchasing an additional 978,343 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Chegg by 414.8% during the second quarter. Bank of America Corp DE now owns 782,849 shares of the technology company’s stock valued at $21,755,000 after purchasing an additional 630,791 shares during the last quarter. Finally, Baillie Gifford & Co. grew its holdings in shares of Chegg by 10.7% during the second quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock valued at $129,597,000 after purchasing an additional 450,585 shares during the last quarter.
Several research firms have recently commented on CHGG. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Thursday. First Analysis raised Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Tuesday, October 30th. Jefferies Financial Group lowered their target price on Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, October 30th. Morgan Stanley increased their price objective on Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Finally, Citigroup increased their price objective on Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $26.80.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, October 29th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. The business had revenue of $74.20 million during the quarter, compared to analyst estimates of $69.02 million. During the same period in the prior year, the company posted $0.01 EPS. The business’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities research analysts forecast that Chegg Inc will post 0.09 EPS for the current fiscal year.
In other Chegg news, insider Jenny Brandemuehl sold 75,000 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $28.50, for a total value of $2,137,500.00. Following the completion of the sale, the insider now directly owns 516,962 shares in the company, valued at $14,733,417. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $29.28, for a total value of $4,392,000.00. The disclosure for this sale can be found here. Insiders sold a total of 565,000 shares of company stock valued at $16,156,650 over the last three months. Corporate insiders own 10.80% of the company’s stock.
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.
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