Russell Investments Group Ltd. Has $25.83 Million Position in Chegg, Inc. (CHGG)
Russell Investments Group Ltd. raised its stake in Chegg, Inc. (NYSE:CHGG) by 423.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,101,975 shares of the technology company’s stock after buying an additional 1,700,195 shares during the period. Russell Investments Group Ltd. owned approximately 2.23% of Chegg worth $25,833,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its position in shares of Chegg by 6.9% in the fourth quarter. State Street Corp now owns 1,319,409 shares of the technology company’s stock valued at $9,737,000 after buying an additional 85,706 shares during the last quarter. Norges Bank acquired a new position in shares of Chegg during the fourth quarter valued at $6,251,000. Highbridge Capital Management LLC acquired a new position in shares of Chegg during the fourth quarter valued at $110,000. NBW Capital LLC raised its position in shares of Chegg by 1.1% in the first quarter. NBW Capital LLC now owns 275,906 shares of the technology company’s stock valued at $2,329,000 after buying an additional 2,963 shares during the last quarter. Finally, New Jersey Better Educational Savings Trust acquired a new position in shares of Chegg during the first quarter valued at $287,000. Institutional investors own 79.72% of the company’s stock.
Shares of Chegg, Inc. (CHGG) traded down 2.22% during mid-day trading on Friday, hitting $14.96. The stock had a trading volume of 1,067,412 shares. Chegg, Inc. has a 12-month low of $6.04 and a 12-month high of $15.39. The company’s 50 day moving average price is $12.96 and its 200 day moving average price is $10.06. The stock’s market cap is $1.44 billion.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $53.33 million. During the same period last year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts predict that Chegg, Inc. will post $0.24 EPS for the current fiscal year.
Several research analysts recently weighed in on CHGG shares. Northland Securities started coverage on Chegg in a research report on Tuesday, April 11th. They issued an “outperform” rating and a $11.50 price objective for the company. UBS AG upgraded Chegg from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 2nd. Raymond James Financial, Inc. upgraded Chegg from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a research note on Tuesday, May 2nd. Lake Street Capital restated a “buy” rating and set a $12.00 price target (up from $9.00) on shares of Chegg in a research note on Tuesday, May 2nd. Finally, Jefferies Group LLC upped their price target on Chegg from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, May 2nd. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $13.32.
In related news, insider Andrew J. Brown sold 100,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $12.50, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider now directly owns 678,760 shares of the company’s stock, valued at approximately $8,484,500. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charles Geiger sold 25,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $11.66, for a total transaction of $291,500.00. Following the sale, the insider now directly owns 536,500 shares of the company’s stock, valued at $6,255,590. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 522,244 shares of company stock valued at $6,828,478. 20.40% of the stock is owned by corporate 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. The Company 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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