Chegg, Inc. (CHGG) Shares Sold by Elk Creek Partners LLC
Elk Creek Partners LLC reduced its stake in Chegg, Inc. (NYSE:CHGG) by 13.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,793,154 shares of the technology company’s stock after selling 276,181 shares during the period. Chegg accounts for 1.4% of Elk Creek Partners LLC’s holdings, making the stock its 15th biggest holding. Elk Creek Partners LLC owned 1.87% of Chegg worth $22,038,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of CHGG. Gilder Gagnon Howe & Co. LLC bought a new stake in Chegg in the second quarter valued at $55,365,000. Russell Investments Group Ltd. increased its position in shares of Chegg by 423.2% during the second quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock worth $25,833,000 after acquiring an additional 1,700,195 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Chegg during the second quarter worth about $8,218,000. Ashford Capital Management Inc. increased its position in shares of Chegg by 30.8% during the first quarter. Ashford Capital Management Inc. now owns 2,193,224 shares of the technology company’s stock worth $18,511,000 after acquiring an additional 516,374 shares in the last quarter. Finally, Pier Capital LLC bought a new stake in shares of Chegg during the first quarter worth about $2,988,000. 84.80% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Charles Geiger sold 70,300 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $13.84, for a total value of $972,952.00. Following the transaction, the insider now owns 543,468 shares of the company’s stock, valued at $7,521,597.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $14.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the insider now directly owns 678,760 shares in the company, valued at approximately $9,502,640. The disclosure for this sale can be found here. Insiders sold 402,268 shares of company stock valued at $5,540,618 over the last quarter. Company insiders own 20.40% of the company’s stock.
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Shares of Chegg, Inc. (CHGG) traded down 0.41% during midday trading on Friday, reaching $14.59. 1,884,891 shares of the company’s stock were exchanged. The stock’s market capitalization is $1.40 billion. Chegg, Inc. has a 12-month low of $6.51 and a 12-month high of $15.95. The firm has a 50-day moving average of $14.52 and a 200-day moving average of $11.63.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) EPS 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 company had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. Analysts anticipate that Chegg, Inc. will post $0.24 EPS for the current fiscal year.
Several equities research analysts have recently commented on CHGG shares. Barrington Research reissued an “outperform” rating on shares of Chegg in a research report on Friday, June 23rd. First Analysis boosted their target price on shares of Chegg from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Monday, May 22nd. Zacks Investment Research downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Lake Street Capital downgraded shares of Chegg from a “buy” rating to a “hold” rating and boosted their target price for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $17.00 target price on shares of Chegg in a research report on Thursday, September 7th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $13.68.
Chegg Company Profile
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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