Artemis Investment Management LLP Boosts Stake in Chegg Inc (NYSE:CHGG)

Artemis Investment Management LLP lifted its position in shares of Chegg Inc (NYSE:CHGG) by 4.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 273,109 shares of the technology company’s stock after purchasing an additional 12,497 shares during the period. Artemis Investment Management LLP’s holdings in Chegg were worth $7,961,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. We Are One Seven LLC lifted its stake in Chegg by 7.4% in the 2nd quarter. We Are One Seven LLC now owns 6,089 shares of the technology company’s stock valued at $234,000 after buying an additional 421 shares in the last quarter. Summit Creek Advisors LLC lifted its stake in Chegg by 0.3% in the 2nd quarter. Summit Creek Advisors LLC now owns 163,180 shares of the technology company’s stock valued at $6,297,000 after buying an additional 450 shares in the last quarter. Lisanti Capital Growth LLC lifted its stake in Chegg by 1.0% in the 2nd quarter. Lisanti Capital Growth LLC now owns 67,565 shares of the technology company’s stock valued at $2,607,000 after buying an additional 700 shares in the last quarter. Prudential Financial Inc. lifted its stake in Chegg by 6.0% in the 2nd quarter. Prudential Financial Inc. now owns 12,662 shares of the technology company’s stock valued at $489,000 after buying an additional 720 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan lifted its stake in Chegg by 6.7% in the 2nd quarter. NJ State Employees Deferred Compensation Plan now owns 16,000 shares of the technology company’s stock valued at $617,000 after buying an additional 1,000 shares in the last quarter.

A number of research analysts recently weighed in on CHGG shares. Jefferies Financial Group raised shares of Chegg from a “hold” rating to a “buy” rating and decreased their price target for the company from $46.00 to $44.00 in a research note on Monday, September 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target (up from $44.00) on shares of Chegg in a research note on Tuesday, July 30th. Northland Securities reaffirmed a “buy” rating and issued a $48.00 price target on shares of Chegg in a research note on Tuesday, September 24th. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Wednesday, October 2nd. Finally, Craig Hallum raised their price target 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. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $42.46.

CHGG stock opened at $32.13 on Friday. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 357.00, a PEG ratio of 4.58 and a beta of 0.96. The company has a current ratio of 13.22, a quick ratio of 13.22 and a debt-to-equity ratio of 1.90. Chegg Inc has a 12 month low of $22.67 and a 12 month high of $48.22. The firm has a 50-day moving average of $34.43 and a two-hundred day moving average of $38.23.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.06. The company had revenue of $93.90 million during the quarter, compared to the consensus estimate of $92.44 million. Chegg had a negative net margin of 4.07% and a positive return on equity of 7.12%. Chegg’s quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. As a group, equities analysts forecast that Chegg Inc will post 0.22 earnings per share for the current year.

In other Chegg news, insider Michael A. Osier sold 8,000 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $46.90, for a total value of $375,200.00. Following the completion of the sale, the insider now owns 522,593 shares in the company, valued at approximately $24,509,611.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Brown sold 200,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 239,092 shares of the company’s stock, valued at approximately $10,716,103.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,043,444 shares of company stock valued at $43,080,910. 5.80% of the stock is owned by insiders.

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.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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