364,140 Shares in Chegg, Inc. (CHGG) Purchased by PDT Partners LLC
PDT Partners LLC bought a new stake in Chegg, Inc. (NYSE:CHGG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 364,140 shares of the technology company’s stock, valued at approximately $4,475,000. PDT Partners LLC owned about 0.38% of Chegg at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. Sylebra HK Co Ltd grew its position in shares of Chegg by 0.5% in the first quarter. Sylebra HK Co Ltd now owns 6,699,049 shares of the technology company’s stock valued at $56,540,000 after purchasing an additional 30,164 shares during the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new stake in Chegg during the 2nd quarter worth approximately $55,365,000. TimesSquare Capital Management LLC lifted its holdings in Chegg by 0.7% during the 1st quarter. TimesSquare Capital Management LLC now owns 4,491,510 shares of the technology company’s stock worth $37,908,000 after purchasing an additional 31,765 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Chegg by 22.7% during the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after purchasing an additional 597,063 shares during the last quarter. Finally, Emerald Advisers Inc. PA lifted its holdings in Chegg by 7.9% during the 2nd quarter. Emerald Advisers Inc. PA now owns 2,511,894 shares of the technology company’s stock worth $30,871,000 after purchasing an additional 183,780 shares during the last quarter. 84.80% of the stock is currently owned by institutional investors.
Several analysts recently issued reports on CHGG shares. Barrington Research restated an “outperform” rating on shares of Chegg in a research note on Friday, June 23rd. Jefferies Group LLC reiterated a “buy” rating and set a $17.00 price objective on shares of Chegg in a research report on Thursday, September 7th. Zacks Investment Research cut Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Lake Street Capital downgraded Chegg from a “buy” rating to a “hold” rating and lifted their target price for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, Northland Securities reissued a “buy” rating and set a $16.00 target price on shares of Chegg in a report on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $13.68.
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In related news, insider Charles Geiger sold 50,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $14.53, for a total transaction of $726,500.00. Following the sale, the insider now directly owns 561,500 shares in the company, valued at approximately $8,158,595. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $14.00, for a total value of $1,400,000.00. Following the sale, the insider now owns 678,760 shares in the company, valued at $9,502,640. The disclosure for this sale can be found here. Insiders sold 402,268 shares of company stock valued at $5,660,618 over the last ninety days. Corporate insiders own 20.40% of the company’s stock.
Shares of Chegg, Inc. (NYSE:CHGG) opened at 14.88 on Monday. Chegg, Inc. has a 52-week low of $6.51 and a 52-week high of $15.95. The stock’s 50 day moving average price is $14.56 and its 200-day moving average price is $11.78. The company’s market capitalization is $1.43 billion.
Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The business had revenue of $56.30 million for the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 EPS. On average, equities analysts expect that Chegg, Inc. will post $0.24 earnings per share for the current year.
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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