Bank of New York Mellon Corp increased its stake in Chegg Inc. (NYSE:CHGG) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 263,511 shares of the company’s stock after buying an additional 3,144 shares during the period. Bank of New York Mellon Corp owned approximately 0.29% of Chegg worth $1,318,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Hood River Capital Management LLC acquired a new position in shares of Chegg during the second quarter worth $4,625,000. Prudential PLC increased its position in Chegg by 44.0% in the first quarter. Prudential PLC now owns 2,971,278 shares of the company’s stock valued at $13,252,000 after buying an additional 907,883 shares during the last quarter. Landscape Capital Management L.L.C. increased its position in Chegg by 120.1% in the first quarter. Landscape Capital Management L.L.C. now owns 214,483 shares of the company’s stock valued at $957,000 after buying an additional 117,043 shares during the last quarter. Primecap Management Co. CA increased its position in Chegg by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,581,990 shares of the company’s stock valued at $51,656,000 after buying an additional 84,000 shares during the last quarter. Finally, A.R.T. Advisors LLC increased its position in Chegg by 74.1% in the first quarter. A.R.T. Advisors LLC now owns 193,318 shares of the company’s stock valued at $862,000 after buying an additional 82,300 shares during the last quarter. Institutional investors and hedge funds own 67.20% of the company’s stock.
Shares of Chegg Inc. (NYSE:CHGG) traded down 0.43% on Wednesday, hitting $6.96. The stock had a trading volume of 103,799 shares. The company’s market capitalization is $633.55 million. The firm has a 50-day moving average of $7.03 and a 200 day moving average of $5.57. Chegg Inc. has a 1-year low of $3.15 and a 1-year high of $8.03.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $53 million for the quarter, compared to analysts’ expectations of $67.10 million. Chegg had a negative net margin of 16.81% and a negative return on equity of 15.55%. Chegg’s revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. On average, equities analysts anticipate that Chegg Inc. will post $0.10 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on CHGG shares. TheStreet raised Chegg from a “sell” rating to a “hold” rating in a research report on Tuesday, August 2nd. Jefferies Group reissued a “buy” rating and set a $12.00 price target on shares of Chegg in a research report on Monday, June 27th. Barrington Research increased their price target on Chegg from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. BMO Capital Markets reissued an “outperform” rating and set a $7.00 price target (up previously from $6.00) on shares of Chegg in a research report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. increased their price target on Chegg from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $8.41.
In related news, insider Charles Geiger sold 45,000 shares of Chegg stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $6.52, for a total value of $293,400.00. Following the sale, the insider now owns 296,731 shares of the company’s stock, valued at approximately $1,934,686.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 18.00% of the stock is currently owned by corporate insiders.
Chegg Company Profile
Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. It matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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