Columbus Circle Investors Invests $14.23 Million in Chegg, Inc. (CHGG) Stock
Columbus Circle Investors purchased a new position in Chegg, Inc. (NYSE:CHGG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 959,163 shares of the technology company’s stock, valued at approximately $14,234,000. Columbus Circle Investors owned about 0.88% of Chegg as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CHGG. Gilder Gagnon Howe & Co. LLC lifted its stake in shares of Chegg by 56.3% in the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock valued at $104,517,000 after purchasing an additional 2,538,026 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Chegg by 22.7% in the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock valued at $39,733,000 after purchasing an additional 597,063 shares during the last quarter. Emerald Advisers Inc. PA lifted its stake in shares of Chegg by 11.4% in the 3rd quarter. Emerald Advisers Inc. PA now owns 2,799,392 shares of the technology company’s stock valued at $41,543,000 after purchasing an additional 287,498 shares during the last quarter. Fred Alger Management Inc. acquired a new stake in shares of Chegg in the 2nd quarter valued at $31,014,000. Finally, Ashford Capital Management Inc. lifted its stake in shares of Chegg by 5.8% in the 2nd quarter. Ashford Capital Management Inc. now owns 2,320,534 shares of the technology company’s stock valued at $28,519,000 after purchasing an additional 127,310 shares during the last quarter. Hedge funds and other institutional investors own 91.39% of the company’s stock.
Chegg, Inc. (CHGG) traded down $0.22 during midday trading on Monday, reaching $14.51. 1,074,900 shares of the company were exchanged, compared to its average volume of 997,925. Chegg, Inc. has a twelve month low of $6.84 and a twelve month high of $16.50.
Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $62.60 million for the quarter, compared to analysts’ expectations of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) earnings per share. equities analysts expect that Chegg, Inc. will post -0.09 EPS for the current year.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Friday, July 28th. Citigroup Inc. assumed coverage on shares of Chegg in a research report on Monday. They set a “buy” rating for the company. Lake Street Capital lowered 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. BMO Capital Markets reissued an “outperform” rating and set a $18.00 target price (up previously from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. Finally, BidaskClub raised shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $15.09.
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In related news, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total value of $2,806,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Dave Jr. Borders sold 13,256 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total transaction of $199,635.36. Following the completion of the transaction, the general counsel now owns 443,810 shares in the company, valued at $6,683,778.60. The disclosure for this sale can be found here. Insiders have sold 505,454 shares of company stock worth $7,245,651 over the last ninety days. Insiders own 20.40% of the company’s stock.
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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