Greenhouse Funds LLLP Acquires 238,814 Shares of Chegg Inc (CHGG)
Greenhouse Funds LLLP lifted its holdings in shares of Chegg Inc (NYSE:CHGG) by 12.8% during the fourth quarter, Holdings Channel reports. The fund owned 2,099,758 shares of the technology company’s stock after acquiring an additional 238,814 shares during the period. Chegg accounts for approximately 9.7% of Greenhouse Funds LLLP’s holdings, making the stock its biggest holding. Greenhouse Funds LLLP’s holdings in Chegg were worth $34,268,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Great West Life Assurance Co. Can grew its stake in shares of Chegg by 106.2% during the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after acquiring an additional 3,790 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Chegg during the third quarter worth about $161,000. Suntrust Banks Inc. acquired a new stake in shares of Chegg during the fourth quarter worth about $182,000. JPMorgan Chase & Co. lifted its holdings in shares of Chegg by 53.8% during the third quarter. JPMorgan Chase & Co. now owns 16,302 shares of the technology company’s stock worth $240,000 after purchasing an additional 5,702 shares during the period. Finally, Millennium Management LLC acquired a new stake in shares of Chegg during the fourth quarter worth about $388,000.
Chegg Inc (NYSE:CHGG) opened at $21.85 on Wednesday. Chegg Inc has a twelve month low of $7.87 and a twelve month high of $23.22.
A number of research firms recently commented on CHGG. ValuEngine downgraded Chegg from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Citigroup downgraded Chegg from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $22.70 to $23.00 in a report on Tuesday. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Morgan Stanley began coverage on Chegg in a report on Monday, February 26th. They set an “equal weight” rating and a $23.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their target price on Chegg from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Chegg presently has an average rating of “Hold” and an average target price of $17.92.
In other news, insider Andrew J. Brown sold 87,500 shares of the company’s stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $22.57, for a total transaction of $1,974,875.00. Following the completion of the transaction, the insider now directly owns 709,572 shares of the company’s stock, valued at approximately $16,015,040.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Daniel Rosensweig sold 199,611 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.00, for a total value of $3,193,776.00. Following the transaction, the chief executive officer now directly owns 2,207,689 shares of the company’s stock, valued at $35,323,024. The disclosure for this sale can be found here. Insiders sold 950,207 shares of company stock valued at $17,482,072 over the last three months. 20.40% of the stock is currently owned by corporate insiders.
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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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