Hood River Capital Management LLC trimmed its position in shares of Chegg (NYSE:CHGG) by 26.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 825,595 shares of the technology company’s stock after selling 293,007 shares during the period. Hood River Capital Management LLC owned about 0.74% of Chegg worth $17,057,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CHGG. State Board of Administration of Florida Retirement System increased its stake in Chegg by 13.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 31,646 shares of the technology company’s stock valued at $654,000 after purchasing an additional 3,871 shares during the last quarter. California State Teachers Retirement System increased its stake in Chegg by 2.9% in the third quarter. California State Teachers Retirement System now owns 152,468 shares of the technology company’s stock valued at $2,263,000 after purchasing an additional 4,258 shares during the last quarter. KBC Group NV increased its stake in Chegg by 5.5% in the fourth quarter. KBC Group NV now owns 104,482 shares of the technology company’s stock valued at $1,705,000 after purchasing an additional 5,417 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Chegg by 53.8% in the third quarter. JPMorgan Chase & Co. now owns 16,302 shares of the technology company’s stock valued at $240,000 after purchasing an additional 5,702 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Chegg in the first quarter valued at approximately $137,000.
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CHGG stock opened at $25.33 on Friday. The firm has a market capitalization of $2.77 billion, a P/E ratio of -281.44, a PEG ratio of 17.03 and a beta of 1.42.
Chegg (NYSE:CHGG) last posted its quarterly earnings data on Thursday, April 26th. The technology company reported $0.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.01. The business had revenue of $76.95 million during the quarter, compared to the consensus estimate of $74.15 million. Chegg had a negative return on equity of 0.95% and a negative net margin of 6.12%. The company’s revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. research analysts anticipate that Chegg will post 0.06 EPS for the current fiscal year.
Chegg announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 28th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 0.9% of its shares through a private placement purchase. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Andrew J. Brown sold 87,500 shares of the stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $20.27, for a total transaction of $1,773,625.00. Following the completion of the sale, the insider now directly owns 675,583 shares of the company’s stock, valued at $13,694,067.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nathan J. Schultz sold 8,636 shares of the stock in a transaction on Friday, May 4th. The stock was sold at an average price of $24.00, for a total value of $207,264.00. Following the sale, the insider now directly owns 521,732 shares of the company’s stock, valued at $12,521,568. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,411,747 shares of company stock valued at $30,690,393. Corporate insiders own 10.80% of the company’s stock.
Several brokerages have commented on CHGG. Morgan Stanley increased their price target on shares of Chegg from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Friday, April 27th. Citigroup increased their price target on shares of Chegg from $22.70 to $24.00 and gave the company a “hold” rating in a research note on Monday, April 30th. Barrington Research reiterated an “outperform” rating and issued a $25.00 price target on shares of Chegg in a research note on Friday, April 27th. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Tuesday, May 1st. Finally, ValuEngine raised Chegg from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.82.
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.