Chegg Inc (CHGG) Shares Sold by Columbus Circle Investors

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Columbus Circle Investors trimmed its stake in Chegg Inc (NYSE:CHGG) by 13.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,130,494 shares of the technology company’s stock after selling 177,017 shares during the period. Columbus Circle Investors’ holdings in Chegg were worth $32,140,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Riverbridge Partners LLC bought a new position in shares of Chegg during the 3rd quarter worth about $32,262,000. FMR LLC lifted its holdings in shares of Chegg by 19.3% during the 2nd quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock worth $175,664,000 after acquiring an additional 1,022,400 shares during the period. BlackRock Inc. lifted its holdings in shares of Chegg by 17.3% during the 2nd quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock worth $184,758,000 after acquiring an additional 978,343 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in shares of Chegg by 13,729.5% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 645,006 shares of the technology company’s stock worth $18,338,000 after acquiring an additional 640,342 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Chegg by 414.8% during the 2nd quarter. Bank of America Corp DE now owns 782,849 shares of the technology company’s stock worth $21,755,000 after acquiring an additional 630,791 shares during the period.

In related news, Director John E. York sold 25,000 shares of Chegg stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $29.10, for a total transaction of $727,500.00. Following the completion of the transaction, the director now directly owns 33,214 shares of the company’s stock, valued at approximately $966,527.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $29.28, for a total transaction of $4,392,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 565,000 shares of company stock valued at $16,156,650 over the last three months. 10.80% of the stock is currently owned by insiders.

A number of equities analysts have recently commented on the stock. Citigroup raised their price objective on shares of Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Morgan Stanley raised their price objective on shares of Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Lake Street Capital raised their price objective on shares of Chegg from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Barrington Research reaffirmed a “buy” rating and set a $32.00 price objective on shares of Chegg in a report on Friday, October 5th. Finally, Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Tuesday, October 9th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $24.20.

Shares of CHGG stock opened at $22.99 on Tuesday. Chegg Inc has a 12-month low of $13.75 and a 12-month high of $32.82. The stock has a market cap of $2.71 billion, a P/E ratio of 1,190.00, a PEG ratio of 12.02 and a beta of 1.51. The company has a quick ratio of 10.11, a current ratio of 10.11 and a debt-to-equity ratio of 0.71.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, October 29th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.04. Chegg had a negative net margin of 5.01% and a positive return on equity of 0.87%. The firm had revenue of $74.20 million during the quarter, compared to the consensus estimate of $69.02 million. During the same period last year, the firm posted $0.01 EPS. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. On average, equities research analysts expect that Chegg Inc will post 0.07 EPS for the current fiscal year.

Chegg Company Profile

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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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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