Pinnacle Financial Partners Inc. Sells 230 Shares of Chegg, Inc. (NYSE:CHGG)

Pinnacle Financial Partners Inc. decreased its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 7.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,848 shares of the technology company’s stock after selling 230 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Chegg were worth $244,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in CHGG. FMR LLC boosted its position in shares of Chegg by 18,377.4% during the 1st quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after purchasing an additional 596,714 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Chegg by 196.7% during the 1st quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock valued at $6,237,000 after purchasing an additional 108,483 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in shares of Chegg by 107.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock valued at $1,141,000 after purchasing an additional 15,543 shares in the last quarter. Eudaimonia Partners LLC acquired a new position in Chegg during the 3rd quarter worth approximately $105,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in Chegg by 15.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 193,279 shares of the technology company’s stock worth $13,808,000 after buying an additional 26,201 shares during the period. Institutional investors own 98.48% of the company’s stock.

In other Chegg news, CEO Daniel Rosensweig sold 300,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 1,607,090 shares of the company’s stock, valued at $159,985,809.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Esther Lem sold 34,449 shares of the stock in a transaction on 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 transaction, the chief marketing officer now directly owns 157,835 shares of the company’s stock, valued at $14,100,978.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 405,668 shares of company stock valued at $39,375,683. 3.10% of the stock is currently owned by corporate insiders.

A number of research analysts recently weighed in on CHGG shares. Northland Securities upped their price target on Chegg from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 9th. Lake Street Capital upped their price target on Chegg from $85.00 to $98.00 and gave the stock a “hold” rating in a research note on Tuesday, February 9th. Citigroup upped their price target on Chegg from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, February 10th. Piper Sandler upped their price target on Chegg from $110.00 to $124.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 9th. Finally, Morgan Stanley upped their price target on Chegg from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $104.78.

CHGG stock opened at $93.19 on Friday. The firm has a market cap of $13.22 billion, a PE ratio of -465.95, a P/E/G ratio of 3.14 and a beta of 0.99. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 2.38. The business has a 50 day moving average of $88.91 and a 200-day moving average of $88.11. Chegg, Inc. has a 12-month low of $36.57 and a 12-month high of $115.21.

Chegg (NYSE:CHGG) last released its earnings results on Sunday, February 7th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.06. The company had revenue of $205.70 million during the quarter, compared to analyst estimates of $153.90 million. Chegg had a positive return on equity of 13.35% and a negative net margin of 4.26%. Chegg’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. On average, research analysts expect that Chegg, Inc. will post 0.69 earnings per share for the current year.

About Chegg

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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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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