California State Teachers Retirement System increased its position in Chegg Inc. (NYSE:CHGG) by 4.4% during the second quarter, Holdings Channel reports. The fund owned 168,822 shares of the company’s stock after buying an additional 7,101 shares during the period. California State Teachers Retirement System owned 0.19% of Chegg worth $844,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Prudential PLC boosted its position in Chegg by 44.0% in the first quarter. Prudential PLC now owns 2,971,278 shares of the company’s stock worth $13,252,000 after buying an additional 907,883 shares during the last quarter. A.R.T. Advisors LLC boosted its position in shares of Chegg by 74.1% in the first quarter. A.R.T. Advisors LLC now owns 193,318 shares of the company’s stock worth $862,000 after buying an additional 82,300 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Chegg by 7.8% in the second quarter. American Century Companies Inc. now owns 458,552 shares of the company’s stock worth $2,293,000 after buying an additional 33,180 shares during the last quarter. State Street Corp boosted its position in shares of Chegg by 2.7% in the first quarter. State Street Corp now owns 1,169,116 shares of the company’s stock worth $5,214,000 after buying an additional 30,896 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Chegg by 8.9% in the first quarter. Geode Capital Management LLC now owns 372,178 shares of the company’s stock worth $1,659,000 after buying an additional 30,451 shares during the last quarter. Hedge funds and other institutional investors own 67.20% of the company’s stock.
Shares of Chegg Inc. (NYSE:CHGG) traded up 0.85% on Friday, reaching $7.09. The company had a trading volume of 487,305 shares. The firm’s market capitalization is $645.39 million. The firm has a 50-day moving average price of $6.98 and a 200 day moving average price of $5.40. Chegg Inc. has a 1-year low of $3.15 and a 1-year high of $8.03.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. Chegg had a negative return on equity of 15.55% and a negative net margin of 16.81%. The company had revenue of $53 million for the quarter, compared to analyst estimates of $67.10 million. During the same quarter in the previous year, the company earned $0.01 EPS. The firm’s revenue for the quarter was down 20.9% compared to the same quarter last year. Equities research analysts predict that Chegg Inc. will post $0.10 earnings per share for the current year.
A number of equities analysts have commented on the company. Barrington Research reissued an “outperform” rating and set a $10.00 target price on shares of Chegg in a report on Tuesday, August 16th. Jefferies Group reissued a “buy” rating and set a $12.00 target price on shares of Chegg in a report on Monday, August 1st. TheStreet raised Chegg from a “sell” rating to a “hold” rating in a report on Tuesday, August 2nd. BMO Capital Markets reissued an “outperform” rating and set a $7.00 target price (up previously from $6.00) on shares of Chegg in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. increased their target price on Chegg from $6.00 to $7.00 and gave the company an “overweight” rating in a 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 company. The company currently has a consensus rating of “Buy” and a consensus target price of $8.41.
In other Chegg news, insider Charles Geiger sold 25,000 shares of Chegg stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $6.75, for a total value of $168,750.00. Following the sale, the insider now owns 296,666 shares of the company’s stock, valued at approximately $2,002,495.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.00% of the stock is owned by company insiders.
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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