Penn Capital Management Co. Inc. bought a new stake in shares of Chegg, Inc. (NYSE:CHGG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 693,155 shares of the technology company’s stock, valued at approximately $8,519,000. Penn Capital Management Co. Inc. owned about 0.72% of Chegg as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CHGG. Russell Investments Group Ltd. lifted its holdings in shares of Chegg by 20.5% during the first quarter. Russell Investments Group Ltd. now owns 401,780 shares of the technology company’s stock valued at $3,391,000 after purchasing an additional 68,448 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Chegg by 64.4% during the first quarter. Wells Fargo & Company MN now owns 88,677 shares of the technology company’s stock valued at $748,000 after purchasing an additional 34,743 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Chegg by 4.3% during the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after purchasing an additional 488 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Chegg by 7.7% during the first quarter. Bank of New York Mellon Corp now owns 330,216 shares of the technology company’s stock valued at $2,787,000 after purchasing an additional 23,586 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Chegg by 137.8% during the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock valued at $227,000 after purchasing an additional 15,574 shares during the last quarter. 84.80% of the stock is owned by institutional investors and hedge funds.

Chegg, Inc. (NYSE CHGG) traded down 6.56% on Thursday, reaching $14.25. The company had a trading volume of 283,850 shares. The stock’s market capitalization is $1.37 billion. The firm has a 50 day moving average price of $14.56 and a 200-day moving average price of $11.78. Chegg, Inc. has a 12 month low of $6.51 and a 12 month high of $15.95.

Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.08). The business had revenue of $56.30 million for the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Analysts forecast that Chegg, Inc. will post $0.24 earnings per share for the current fiscal year.

In other Chegg news, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction dated 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 transaction, the insider now directly owns 678,760 shares in the company, valued at $9,502,640. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Charles Geiger sold 50,000 shares of Chegg stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $15.28, for a total value of $764,000.00. Following the transaction, the insider now owns 561,500 shares in the company, valued at $8,579,720. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 452,268 shares of company stock worth $6,267,118. Corporate insiders own 20.40% of the company’s stock.

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Several equities research analysts have recently commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Chegg in a report on Thursday, September 7th. Northland Securities reaffirmed a “buy” rating and set a $16.00 target price on shares of Chegg in a report on Tuesday, August 29th. BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a report on Saturday, August 26th. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, July 28th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 target price (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target 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.

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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