Elk Creek Partners LLC Lowers Position in Chegg Inc (CHGG)

Elk Creek Partners LLC cut its holdings in Chegg Inc (NYSE:CHGG) by 34.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 441,252 shares of the technology company’s stock after selling 234,552 shares during the quarter. Elk Creek Partners LLC’s holdings in Chegg were worth $12,545,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its stake in Chegg by 213.2% in the third quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock worth $162,000 after acquiring an additional 3,865 shares during the period. Bank of Montreal Can lifted its stake in Chegg by 612.4% in the third quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock worth $168,000 after acquiring an additional 5,089 shares during the period. BB&T Securities LLC purchased a new stake in Chegg in the second quarter worth about $209,000. National Asset Management Inc. purchased a new stake in Chegg in the third quarter worth about $223,000. Finally, AXA purchased a new stake in Chegg in the third quarter worth about $225,000.

In other news, insider Jenny Brandemuehl sold 75,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $28.50, for a total transaction of $2,137,500.00. Following the transaction, the insider now owns 516,962 shares in the company, valued at $14,733,417. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $31.07, for a total transaction of $4,660,500.00. Following the transaction, the chief executive officer now owns 2,435,450 shares in the company, valued at approximately $75,669,431.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 540,000 shares of company stock worth $14,988,150. Corporate insiders own 10.80% of the company’s stock.

CHGG stock opened at $24.98 on Friday. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 499.60, a PEG ratio of 9.68 and a beta of 1.43. Chegg Inc has a one year low of $13.83 and a one year high of $32.82. The company has a quick ratio of 6.56, a current ratio of 6.56 and a debt-to-equity ratio of 0.72.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, October 29th. The technology company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ 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 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 firm posted $0.01 earnings per share. The company’s quarterly revenue was up 18.5% on a year-over-year basis. Analysts predict that Chegg Inc will post 0.09 earnings per share for the current year.

CHGG has been the subject of several analyst reports. Barrington Research reissued a “buy” rating and set a $32.00 price target on shares of Chegg in a research report on Friday, October 5th. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Tuesday, October 9th. Jefferies Financial Group decreased their price target on shares of Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th. First Analysis raised shares of Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Tuesday, October 30th. Finally, Craig Hallum raised shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 2nd. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Chegg has an average rating of “Buy” and an average target price of $26.80.

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Chegg 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.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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