Price T Rowe Associates Inc. MD Buys 50,934 Shares of Chegg, Inc. (NYSE:CHGG)
Price T Rowe Associates Inc. MD lifted its stake in Chegg, Inc. (NYSE:CHGG) by 35.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,952 shares of the technology company’s stock after acquiring an additional 50,934 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.15% of Chegg worth $17,520,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of CHGG. New York Life Investments Alternatives bought a new stake in Chegg during the fourth quarter valued at $1,698,000. ETF Managers Group LLC purchased a new stake in shares of Chegg in the 4th quarter valued at about $503,000. Janus Henderson Group PLC boosted its position in shares of Chegg by 11.1% during the 4th quarter. Janus Henderson Group PLC now owns 844,658 shares of the technology company’s stock valued at $76,302,000 after acquiring an additional 84,289 shares during the last quarter. Parametrica Management Ltd bought a new position in shares of Chegg in the fourth quarter worth approximately $250,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Chegg by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 652,183 shares of the technology company’s stock valued at $58,912,000 after purchasing an additional 25,827 shares in the last quarter. 98.48% of the stock is owned by hedge funds and other institutional investors.
In other news, CMO Esther Lem sold 34,449 shares of the firm’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $89.34, for a total value of $3,077,673.66. Following the completion of the sale, the chief marketing officer now directly owns 157,835 shares of the company’s stock, valued at approximately $14,100,978.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Daniel Rosensweig sold 300,000 shares of the firm’s stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $99.55, for a total transaction of $29,865,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,607,090 shares of the company’s stock, valued at $159,985,809.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 385,954 shares of company stock valued at $37,585,849. Corporate insiders own 3.10% of the company’s stock.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Sunday, February 7th. The technology company reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.06. The business had revenue of $205.70 million during the quarter, compared to analysts’ expectations of $153.90 million. Chegg had a negative net margin of 4.26% and a positive return on equity of 13.35%. The firm’s revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 EPS. Sell-side analysts expect that Chegg, Inc. will post 0.69 EPS for the current fiscal year.
A number of equities analysts have recently commented on the stock. Jefferies Financial Group increased their price target on shares of Chegg from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, February 9th. Barrington Research reissued an “outperform” rating and issued a $120.00 price target (up previously from $110.00) on shares of Chegg in a report on Tuesday, February 9th. They noted that the move was a valuation call. Northland Securities increased their price target on shares of Chegg from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, February 9th. KeyCorp increased their price target on shares of Chegg from $120.00 to $124.00 and gave the stock an “overweight” rating in a report on Tuesday, February 9th. Finally, BMO Capital Markets increased their price target on shares of Chegg from $91.00 to $106.00 and gave the stock a “market perform” rating in a report on Tuesday, February 9th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $104.78.
Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.
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