Delta Investment Management LLC acquired a new stake in Chegg Inc (NYSE:CHGG) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 61,316 shares of the technology company’s stock, valued at approximately $2,337,000. Chegg makes up 2.0% of Delta Investment Management LLC’s portfolio, making the stock its 22nd biggest position.
Several other large investors also recently modified their holdings of the company. Baillie Gifford & Co. lifted its position in shares of Chegg by 41.4% in the first quarter. Baillie Gifford & Co. now owns 11,636,625 shares of the technology company’s stock valued at $443,588,000 after acquiring an additional 3,405,917 shares in the last quarter. BlackRock Inc. increased its stake in Chegg by 3.7% in the fourth quarter. BlackRock Inc. now owns 7,352,411 shares of the technology company’s stock valued at $208,956,000 after purchasing an additional 262,200 shares during the last quarter. Sylebra HK Co Ltd increased its stake in Chegg by 4.5% in the fourth quarter. Sylebra HK Co Ltd now owns 6,946,262 shares of the technology company’s stock valued at $197,413,000 after purchasing an additional 301,487 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Chegg by 37.7% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,859,586 shares of the technology company’s stock valued at $52,849,000 after purchasing an additional 508,963 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new position in Chegg in the fourth quarter valued at $47,869,000.
Several equities analysts recently commented on the company. Lake Street Capital reiterated a “hold” rating and issued a $34.00 target price (up from $33.00) on shares of Chegg in a research note on Tuesday, April 30th. Craig Hallum upped their target price on Chegg from $34.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, February 12th. Morgan Stanley upped their target price on Chegg from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 30th. Barrington Research reiterated a “buy” rating on shares of Chegg in a research note on Wednesday, April 17th. Finally, Zacks Investment Research lowered Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and a consensus price target of $39.40.
Chegg (NYSE:CHGG) last released its earnings results on Monday, April 29th. The technology company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.09). The business had revenue of $97.40 million during the quarter, compared to analyst estimates of $94.69 million. Chegg had a negative net margin of 4.86% and a positive return on equity of 4.73%. The business’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 earnings per share. As a group, equities analysts predict that Chegg Inc will post 0.16 EPS for the current year.
In other Chegg news, Director John E. York sold 12,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $35.42, for a total transaction of $442,750.00. Following the completion of the sale, the director now directly owns 20,714 shares in the company, valued at $733,689.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew J. Brown sold 49,264 shares of the company’s stock in a transaction dated Saturday, February 23rd. The stock was sold at an average price of $38.92, for a total value of $1,917,354.88. Following the sale, the chief financial officer now owns 198,947 shares of the company’s stock, valued at $7,743,017.24. The disclosure for this sale can be found here. Insiders have sold 1,020,761 shares of company stock valued at $39,297,204 over the last 90 days. 5.80% of the stock is currently owned by insiders.
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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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