Summit Creek Advisors LLC Acquires 35,620 Shares of Chegg Inc (NYSE:CHGG)

Summit Creek Advisors LLC raised its holdings in Chegg Inc (NYSE:CHGG) by 15.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 271,660 shares of the technology company’s stock after acquiring an additional 35,620 shares during the period. Summit Creek Advisors LLC’s holdings in Chegg were worth $10,299,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC lifted its stake in shares of Chegg by 3,216.4% during the 3rd quarter. Millennium Management LLC now owns 470,530 shares of the technology company’s stock valued at $14,092,000 after buying an additional 456,342 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Chegg by 1.2% during the third quarter. California State Teachers Retirement System now owns 180,826 shares of the technology company’s stock worth $5,416,000 after acquiring an additional 2,159 shares in the last quarter. State Street Corp boosted its holdings in shares of Chegg by 2.0% in the third quarter. State Street Corp now owns 2,334,594 shares of the technology company’s stock worth $69,921,000 after acquiring an additional 44,975 shares during the period. Virtu Financial LLC bought a new position in shares of Chegg in the third quarter worth $625,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Chegg by 147.9% in the second quarter. Tower Research Capital LLC TRC now owns 4,630 shares of the technology company’s stock valued at $179,000 after purchasing an additional 2,762 shares in the last quarter.

In other news, General Counsel Dave Jr. Borders sold 6,657 shares of Chegg stock in a transaction on Friday, November 1st. The shares were sold at an average price of $30.77, for a total transaction of $204,835.89. Following the completion of the sale, the general counsel now directly owns 305,646 shares of the company’s stock, valued at approximately $9,404,727.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $32.57, for a total transaction of $4,885,500.00. Following the completion of the transaction, the chief executive officer now owns 2,322,754 shares of the company’s stock, valued at $75,652,097.78. The disclosure for this sale can be found here. Insiders have sold 781,015 shares of company stock valued at $28,538,229 in the last three months. 5.80% of the stock is owned by insiders.

Chegg stock traded up $0.44 during midday trading on Friday, hitting $43.16. 909,015 shares of the company’s stock were exchanged, compared to its average volume of 1,202,534. Chegg Inc has a 52-week low of $28.29 and a 52-week high of $48.22. The stock has a 50-day moving average price of $38.73 and a two-hundred day moving average price of $37.61. The company has a debt-to-equity ratio of 1.89, a quick ratio of 9.50 and a current ratio of 9.50. The company has a market cap of $5.02 billion, a P/E ratio of 479.56, a PEG ratio of 3.66 and a beta of 1.01.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, November 4th. The technology company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.10. The business had revenue of $94.20 million for the quarter, compared to analyst estimates of $89.04 million. Chegg had a positive return on equity of 9.53% and a negative net margin of 3.27%. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. As a group, sell-side analysts expect that Chegg Inc will post 0.36 earnings per share for the current year.

CHGG has been the topic of a number of analyst reports. Morgan Stanley assumed coverage on Chegg in a research note on Monday, November 25th. They set an “overweight” rating and a $45.00 price objective on the stock. Citigroup raised Chegg from a “neutral” rating to a “buy” rating and reduced their target price for the company from $43.00 to $38.50 in a report on Tuesday, November 5th. ValuEngine upgraded Chegg from a “sell” rating to a “hold” rating in a research report on Friday, January 10th. Barrington Research began coverage on shares of Chegg in a report on Monday, October 14th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $45.63.

About Chegg

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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