Chegg, Inc. (CHGG) Position Lowered by Ameriprise Financial Inc.
Ameriprise Financial Inc. reduced its position in shares of Chegg, Inc. (NYSE:CHGG) by 11.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 59,550 shares of the technology company’s stock after selling 8,000 shares during the period. Ameriprise Financial Inc. owned about 0.06% of Chegg worth $503,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. US Bancorp DE boosted its stake in Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock worth $100,000 after buying an additional 488 shares during the period. Parkwood LLC boosted its stake in Chegg by 26.0% in the first quarter. Parkwood LLC now owns 13,077 shares of the technology company’s stock worth $110,000 after buying an additional 2,701 shares during the period. Highbridge Capital Management LLC acquired a new stake in Chegg during the fourth quarter worth approximately $110,000. UBS Asset Management Americas Inc. boosted its stake in Chegg by 137.8% in the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock worth $227,000 after buying an additional 15,574 shares during the period. Finally, New Jersey Better Educational Savings Trust acquired a new stake in Chegg during the first quarter worth approximately $287,000. Institutional investors and hedge funds own 77.35% of the company’s stock.
Shares of Chegg, Inc. (NYSE CHGG) opened at 13.88 on Friday. The stock’s market capitalization is $1.31 billion. The company’s 50 day moving average price is $12.58 and its 200 day moving average price is $9.65. Chegg, Inc. has a 12 month low of $5.28 and a 12 month high of $14.33.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Thursday, May 4th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Chegg had a negative return on equity of 9.88% and a negative net margin of 13.18%. The firm had revenue of $62.60 million during the quarter, compared to the consensus estimate of $58.46 million. During the same period last year, the business posted ($0.03) EPS. Chegg’s quarterly revenue was down 6.1% on a year-over-year basis. Equities analysts anticipate that Chegg, Inc. will post $0.22 earnings per share for the current fiscal year.
A number of research firms have recently commented on CHGG. ValuEngine cut Chegg from a “hold” rating to a “sell” rating and cut their price objective for the company from $10.00 to $8.00 in a research report on Thursday, May 11th. UBS AG upgraded Chegg from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 2nd. Zacks Investment Research cut Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Raymond James Financial, Inc. upgraded Chegg from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research report on Tuesday, May 2nd. Finally, Lake Street Capital restated a “buy” rating and issued a $12.00 price objective (up from $9.00) on shares of Chegg in a research report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Chegg currently has an average rating of “Buy” and an average target price of $11.08.
In other Chegg news, insider Nathan J. Schultz sold 76,380 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $10.73, for a total transaction of $819,557.40. Following the completion of the transaction, the insider now owns 547,079 shares of the company’s stock, valued at $5,870,157.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $12.50, for a total value of $1,250,000.00. Following the transaction, the insider now directly owns 678,760 shares of the company’s stock, valued at approximately $8,484,500. The disclosure for this sale can be found here. Insiders sold a total of 562,484 shares of company stock valued at $6,954,404 over the last ninety days. 20.40% of the stock is currently owned by company insiders.
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. The Company 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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