Insight Holdings Group LLC Has $22,637,000 Stake in Chegg Inc. (CHGG)
Insight Holdings Group LLC cut its position in Chegg Inc. (NYSE:CHGG) by 57.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,192,869 shares of the company’s stock after selling 4,258,198 shares during the period. Chegg accounts for about 6.9% of Insight Holdings Group LLC’s portfolio, making the stock its 4th largest position. Insight Holdings Group LLC owned about 3.51% of Chegg worth $22,637,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the company. Primecap Management Co. CA raised its stake in shares of Chegg by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,581,990 shares of the company’s stock worth $51,656,000 after buying an additional 84,000 shares during the last quarter. Prudential PLC raised its stake in shares of Chegg by 44.0% in the first quarter. Prudential PLC now owns 2,971,278 shares of the company’s stock worth $13,252,000 after buying an additional 907,883 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Chegg by 7.1% in the second quarter. BlackRock Fund Advisors now owns 2,075,357 shares of the company’s stock worth $10,377,000 after buying an additional 137,738 shares during the last quarter. Elk Creek Partners LLC raised its stake in shares of Chegg by 36.5% in the second quarter. Elk Creek Partners LLC now owns 1,978,208 shares of the company’s stock worth $5,017,000 after buying an additional 528,539 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Chegg by 1.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,484,105 shares of the company’s stock worth $7,421,000 after buying an additional 15,722 shares during the last quarter. 67.20% of the stock is owned by institutional investors.
Shares of Chegg Inc. (NYSE:CHGG) traded down 0.27% during trading on Friday, hitting $7.26. The stock had a trading volume of 317,567 shares. The stock has a 50-day moving average price of $7.01 and a 200 day moving average price of $5.50. Chegg Inc. has a 12 month low of $3.15 and a 12 month high of $8.03. The company’s market cap is $660.86 million.
Chegg (NYSE:CHGG) last released its earnings results on Monday, August 1st. The company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The firm had revenue of $53 million for the quarter, compared to the consensus estimate of $67.10 million. Chegg had a negative return on equity of 15.55% and a negative net margin of 16.81%. The company’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 EPS. Equities analysts expect that Chegg Inc. will post $0.10 EPS for the current fiscal year.
CHGG has been the subject of a number of research analyst reports. Piper Jaffray Cos. raised their price target on Chegg from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. Jefferies Group reaffirmed a “buy” rating on shares of Chegg in a research note on Monday, July 18th. Barrington Research raised their price target on Chegg from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Thursday, September 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $7.00 price objective (up previously from $6.00) on shares of Chegg in a report on Wednesday, August 3rd. Finally, TheStreet upgraded Chegg from a “sell” rating to a “hold” rating in a report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Chegg presently has an average rating of “Buy” and an average price target of $8.41.
In other news, insider Charles Geiger sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $6.75, for a total transaction of $168,750.00. Following the transaction, the insider now owns 296,666 shares of the company’s stock, valued at approximately $2,002,495.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 18.00% of the company’s stock.
Chegg Company Profile
Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. It matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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