California State Teachers Retirement System Sells 10,312 Shares of Chegg, Inc. (CHGG)
California State Teachers Retirement System decreased its holdings in Chegg, Inc. (NYSE:CHGG) by 6.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 148,210 shares of the technology company’s stock after selling 10,312 shares during the period. California State Teachers Retirement System owned approximately 0.15% of Chegg worth $1,822,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its holdings in shares of Chegg by 3.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 65,306 shares of the technology company’s stock worth $802,000 after buying an additional 2,074 shares during the last quarter. State Street Corp increased its holdings in shares of Chegg by 10.5% during the 2nd quarter. State Street Corp now owns 1,471,490 shares of the technology company’s stock worth $18,086,000 after buying an additional 139,563 shares during the last quarter. Fred Alger Management Inc. acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $31,014,000. Manatuck Hill Partners LLC acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $492,000. Finally, People s United Financial Inc. acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $553,000. Institutional investors own 86.50% of the company’s stock.
In other Chegg news, insider Charles Geiger sold 70,300 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $13.84, for a total value of $972,952.00. Following the completion of the transaction, the insider now owns 543,468 shares of the company’s stock, valued at approximately $7,521,597.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Rosensweig sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total transaction of $2,806,000.00. The disclosure for this sale can be found here. Insiders sold a total of 505,454 shares of company stock valued at $7,245,651 in the last three months. 20.40% of the stock is currently owned by corporate insiders.
A number of brokerages have recently issued reports on CHGG. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, July 28th. Lake Street Capital cut shares of Chegg from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price objective (up previously from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. BidaskClub raised shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, First Analysis cut shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective for the company. in a research report on Tuesday, October 31st. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $15.09.
Chegg, Inc. (NYSE:CHGG) opened at $14.73 on Friday. Chegg, Inc. has a 1 year low of $6.84 and a 1 year high of $16.50.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The company had revenue of $62.60 million during the quarter, compared to analysts’ expectations of $57.75 million. During the same quarter last year, the company posted ($0.17) EPS. The firm’s revenue was down 12.2% compared to the same quarter last year. analysts anticipate that Chegg, Inc. will post -0.1 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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