State of New Jersey Common Pension Fund D Has $3.06 Million Stake in Chegg Inc (NYSE:CHGG)

Share on StockTwits

State of New Jersey Common Pension Fund D trimmed its stake in Chegg Inc (NYSE:CHGG) by 7.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 80,746 shares of the technology company’s stock after selling 6,354 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Chegg were worth $3,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of CHGG. Nisa Investment Advisors LLC lifted its holdings in shares of Chegg by 39.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 995 shares of the technology company’s stock worth $38,000 after acquiring an additional 280 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Chegg by 231.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,407 shares of the technology company’s stock worth $132,000 after acquiring an additional 3,077 shares during the period. Enlightenment Research LLC bought a new position in shares of Chegg during the 3rd quarter worth about $207,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Chegg by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,976 shares of the technology company’s stock worth $209,000 after acquiring an additional 631 shares during the period. Finally, We Are One Seven LLC bought a new position in shares of Chegg during the 4th quarter worth about $227,000.

CHGG stock traded up $0.28 during trading on Friday, hitting $40.18. 44,457 shares of the stock traded hands, compared to its average volume of 1,675,685. Chegg Inc has a one year low of $28.29 and a one year high of $48.22. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of -401.56, a P/E/G ratio of 3.93 and a beta of 0.98. The company has a 50 day simple moving average of $41.06 and a 200 day simple moving average of $37.59. The company has a current ratio of 9.50, a quick ratio of 9.50 and a debt-to-equity ratio of 1.89.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 10th. The technology company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Chegg had a negative net margin of 2.34% and a positive return on equity of 11.53%. The firm had revenue of $125.50 million during the quarter, compared to the consensus estimate of $123.05 million. During the same period last year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 31.1% on a year-over-year basis. As a group, analysts predict that Chegg Inc will post 0.38 earnings per share for the current fiscal year.

A number of equities analysts have recently commented on CHGG shares. BMO Capital Markets raised their price objective on shares of Chegg from $37.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. ValuEngine raised shares of Chegg from a “sell” rating to a “hold” rating in a report on Friday, January 10th. Northland Securities started coverage on shares of Chegg in a report on Wednesday, December 4th. They set a “buy” rating and a $44.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Chegg from $40.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Lake Street Capital lifted their price target on shares of Chegg from $35.00 to $39.00 and gave the company a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Chegg currently has an average rating of “Buy” and an average target price of $47.25.

In other Chegg news, insider Michael A. Osier sold 13,758 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $38.25, for a total value of $526,243.50. Following the completion of the sale, the insider now owns 514,007 shares in the company, valued at approximately $19,660,767.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $36.60, for a total transaction of $5,490,000.00. Following the completion of the sale, the chief executive officer now owns 2,322,754 shares of the company’s stock, valued at approximately $85,012,796.40. The disclosure for this sale can be found here. Insiders have sold a total of 806,197 shares of company stock valued at $31,730,908 over the last three months. 5.80% of the stock is currently owned by insiders.

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.

Recommended Story: Closed-End Mutual Funds

Want to see what other hedge funds are holding CHGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chegg Inc (NYSE:CHGG).

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

Receive News & Ratings for Chegg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg and related companies with MarketBeat.com's FREE daily email newsletter.