Destination Wealth Management Cuts Position in Chegg Inc (CHGG)
Destination Wealth Management trimmed its holdings in shares of Chegg Inc (NYSE:CHGG) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 95,581 shares of the technology company’s stock after selling 10,235 shares during the quarter. Destination Wealth Management owned approximately 0.08% of Chegg worth $2,717,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of CHGG. Legal & General Group Plc increased its holdings in Chegg by 54.4% in the 1st quarter. Legal & General Group Plc now owns 37,669 shares of the technology company’s stock worth $778,000 after purchasing an additional 13,266 shares in the last quarter. Baillie Gifford & Co. increased its holdings in Chegg by 10.7% in the 2nd quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock worth $129,597,000 after purchasing an additional 450,585 shares in the last quarter. Amalgamated Bank increased its holdings in Chegg by 25.0% in the 2nd quarter. Amalgamated Bank now owns 16,246 shares of the technology company’s stock worth $451,000 after purchasing an additional 3,254 shares in the last quarter. NewSquare Capital LLC acquired a new position in Chegg in the 2nd quarter worth about $178,000. Finally, Pier 88 Investment Partners LLC acquired a new position in Chegg in the 2nd quarter worth about $901,000.
In related news, General Counsel Dave Jr. Borders sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $28.31, for a total transaction of $424,650.00. Following the completion of the sale, the general counsel now owns 467,584 shares of the company’s stock, valued at $13,237,303.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $31.07, for a total value of $4,660,500.00. Following the sale, the chief executive officer now directly owns 2,435,450 shares of the company’s stock, valued at approximately $75,669,431.50. The disclosure for this sale can be found here. In the last three months, insiders sold 540,000 shares of company stock valued at $14,988,150. Insiders own 10.80% of the company’s stock.
Shares of CHGG stock opened at $25.89 on Wednesday. The stock has a market capitalization of $3.01 billion, a PE ratio of -287.67, a P/E/G ratio of 10.16 and a beta of 1.43. The company has a quick ratio of 6.56, a current ratio of 6.56 and a debt-to-equity ratio of 0.72. Chegg Inc has a 1-year low of $13.83 and a 1-year high of $32.82.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, October 29th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.04. The company had revenue of $74.20 million during the quarter, compared to analysts’ expectations of $69.02 million. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. The business’s quarterly revenue was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share. As a group, research analysts predict that Chegg Inc will post 0.09 earnings per share for the current year.
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Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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