Panagora Asset Management Inc. increased its stake in Chegg Inc (NYSE:CHGG) by 1,781.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,582 shares of the technology company’s stock after acquiring an additional 7,179 shares during the period. Panagora Asset Management Inc.’s holdings in Chegg were worth $293,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prudential Financial Inc. lifted its stake in shares of Chegg by 6.0% in the 2nd quarter. Prudential Financial Inc. now owns 12,662 shares of the technology company’s stock valued at $489,000 after acquiring an additional 720 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Chegg by 7.2% during the second quarter. Baillie Gifford & Co. now owns 12,474,426 shares of the technology company’s stock valued at $481,388,000 after purchasing an additional 837,801 shares in the last quarter. Mizuho Securities USA LLC purchased a new position in shares of Chegg during the second quarter valued at about $455,000. Allianz Asset Management GmbH grew its position in shares of Chegg by 21.1% during the second quarter. Allianz Asset Management GmbH now owns 41,203 shares of the technology company’s stock valued at $1,590,000 after purchasing an additional 7,181 shares in the last quarter. Finally, BB&T Securities LLC grew its position in shares of Chegg by 4.0% during the second quarter. BB&T Securities LLC now owns 35,386 shares of the technology company’s stock valued at $1,365,000 after purchasing an additional 1,363 shares in the last quarter.
In other news, CEO Daniel Rosensweig sold 150,000 shares of Chegg stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $39.85, for a total transaction of $5,977,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,322,754 shares in the company, valued at $92,561,746.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Esther Lem sold 50,000 shares of Chegg stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $39.28, for a total transaction of $1,964,000.00. Following the sale, the chief marketing officer now owns 306,345 shares of the company’s stock, valued at $12,033,231.60. The disclosure for this sale can be found here. Insiders sold 1,130,114 shares of company stock worth $47,708,823 over the last ninety days. Corporate insiders own 5.80% of the company’s stock.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.06. Chegg had a negative net margin of 4.07% and a positive return on equity of 7.12%. The business had revenue of $93.90 million for the quarter, compared to analyst estimates of $92.44 million. During the same period in the previous year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was up 26.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Chegg Inc will post 0.23 EPS for the current year.
A number of brokerages have recently weighed in on CHGG. William Blair began coverage on Chegg in a research report on Monday, August 12th. They set an “outperform” rating for the company. Barrington Research lifted their price objective on shares of Chegg from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Jefferies Financial Group raised shares of Chegg from a “hold” rating to a “buy” rating and cut their price objective for the company from $46.00 to $44.00 in a report on Monday. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, July 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective (up from $44.00) on shares of Chegg in a report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Chegg currently has an average rating of “Buy” and an average price target of $44.33.
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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