Chegg Inc (CHGG) Holdings Reduced by Emerald Advisers LLC

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Emerald Advisers LLC lowered its stake in shares of Chegg Inc (NYSE:CHGG) by 21.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,867,486 shares of the technology company’s stock after selling 514,122 shares during the quarter. Chegg makes up approximately 2.9% of Emerald Advisers LLC’s holdings, making the stock its biggest holding. Emerald Advisers LLC’s holdings in Chegg were worth $71,189,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. State Board of Administration of Florida Retirement System lifted its position in Chegg by 12.9% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 43,377 shares of the technology company’s stock valued at $1,233,000 after purchasing an additional 4,941 shares during the period. Bank of Montreal Can lifted its position in Chegg by 21.1% during the 4th quarter. Bank of Montreal Can now owns 7,169 shares of the technology company’s stock valued at $203,000 after purchasing an additional 1,249 shares during the period. SeaTown Holdings Pte. Ltd. acquired a new position in Chegg during the 4th quarter valued at about $341,000. Bank of New York Mellon Corp lifted its position in Chegg by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 424,918 shares of the technology company’s stock valued at $12,081,000 after purchasing an additional 5,448 shares during the period. Finally, NJ State Employees Deferred Compensation Plan lifted its position in Chegg by 125.0% during the 4th quarter. NJ State Employees Deferred Compensation Plan now owns 18,000 shares of the technology company’s stock valued at $512,000 after purchasing an additional 10,000 shares during the period.

Shares of NYSE:CHGG opened at $35.87 on Friday. The company has a market capitalization of $4.23 billion, a P/E ratio of 398.56, a PEG ratio of 6.99 and a beta of 1.23. The company has a debt-to-equity ratio of 1.84, a quick ratio of 8.29 and a current ratio of 13.96. Chegg Inc has a fifty-two week low of $22.50 and a fifty-two week high of $41.69.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.09). The firm had revenue of $97.40 million during the quarter, compared to analyst estimates of $94.69 million. Chegg had a negative net margin of 4.86% and a positive return on equity of 4.73%. The business’s revenue was up 26.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. On average, analysts forecast that Chegg Inc will post 0.17 EPS for the current fiscal year.

A number of research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Craig Hallum restated a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Chegg in a research report on Tuesday. Lake Street Capital restated a “hold” rating and set a $34.00 target price (up from $33.00) on shares of Chegg in a research report on Tuesday. Barrington Research restated a “buy” rating on shares of Chegg in a research report on Wednesday, April 17th. Finally, Morgan Stanley upped their target price on shares of Chegg from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $39.40.

In other Chegg news, CEO Daniel Rosensweig sold 165,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $37.69, for a total transaction of $6,218,850.00. Following the sale, the chief executive officer now directly owns 2,322,754 shares in the company, valued at approximately $87,544,598.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew J. Brown sold 49,264 shares of the firm’s stock in a transaction that occurred on Saturday, February 23rd. The stock was sold at an average price of $38.92, for a total transaction of $1,917,354.88. Following the sale, the chief financial officer now owns 198,947 shares in the company, valued at $7,743,017.24. The disclosure for this sale can be found here. Insiders sold a total of 1,066,074 shares of company stock worth $40,973,682 over the last quarter. 10.80% of the stock is currently owned by corporate insiders.

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About Chegg

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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