Destination Wealth Management decreased its holdings in shares of Chegg Inc (NYSE:CHGG) by 7.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 88,381 shares of the technology company’s stock after selling 7,200 shares during the period. Destination Wealth Management’s holdings in Chegg were worth $2,512,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in CHGG. BlackRock Inc. raised its stake in Chegg by 6.6% in the 3rd quarter. BlackRock Inc. now owns 7,090,211 shares of the technology company’s stock valued at $201,575,000 after purchasing an additional 441,891 shares during the last quarter. MetLife Investment Advisors LLC raised its stake in Chegg by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 75,458 shares of the technology company’s stock valued at $2,145,000 after purchasing an additional 26,824 shares during the last quarter. SeaTown Holdings Pte. Ltd. acquired a new position in Chegg in the 4th quarter valued at $341,000. Rothschild & Co. Asset Management US Inc. acquired a new position in Chegg in the 3rd quarter valued at $2,185,000. Finally, Jefferies Group LLC raised its stake in Chegg by 100.6% in the 3rd quarter. Jefferies Group LLC now owns 104,600 shares of the technology company’s stock valued at $2,974,000 after purchasing an additional 52,458 shares during the last quarter. Hedge funds and other institutional investors own 99.40% of the company’s stock.
Several research analysts recently commented on CHGG shares. Citigroup downgraded Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Friday. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Tuesday, January 1st. Barrington Research reissued a “buy” rating and issued a $32.00 price objective on shares of Chegg in a research note on Monday, October 22nd. Jefferies Financial Group reduced their price objective on Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Tuesday, October 30th. Finally, First Analysis raised Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research note on Tuesday, October 30th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and an average price target of $28.56.
Shares of CHGG opened at $34.80 on Tuesday. Chegg Inc has a 52-week low of $15.85 and a 52-week high of $36.05. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -386.67, a P/E/G ratio of 7.77 and a beta of 1.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 6.56 and a quick ratio of 6.56.
Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 11th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. On average, sell-side analysts forecast that Chegg Inc will post 0.09 EPS for the current fiscal year.
In other Chegg news, Director John E. York sold 12,500 shares of the firm’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $25.03, for a total value of $312,875.00. Following the completion of the sale, the director now directly owns 20,714 shares of the company’s stock, valued at approximately $518,471.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ted Schlein sold 34,750 shares of the firm’s stock in a transaction on Thursday, December 13th. The stock was sold at an average price of $28.84, for a total value of $1,002,190.00. Following the completion of the sale, the director now directly owns 178,540 shares of the company’s stock, valued at $5,149,093.60. The disclosure for this sale can be found here. Insiders sold a total of 434,802 shares of company stock valued at $13,561,872 over the last ninety days. Corporate insiders own 10.80% of the company’s stock.
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.
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