Griffin Asset Management Inc. Takes $77,000 Position in Chegg Inc (NYSE:CHGG)

Griffin Asset Management Inc. purchased a new stake in Chegg Inc (NYSE:CHGG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,000 shares of the technology company’s stock, valued at approximately $77,000.

Several other institutional investors have also recently modified their holdings of the company. Baillie Gifford & Co. lifted its holdings in shares of Chegg by 7.2% in the second quarter. Baillie Gifford & Co. now owns 12,474,426 shares of the technology company’s stock valued at $481,388,000 after purchasing an additional 837,801 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Chegg by 10.5% in the first quarter. BlackRock Inc. now owns 8,122,187 shares of the technology company’s stock valued at $309,618,000 after purchasing an additional 769,776 shares in the last quarter. Sylebra Capital Ltd lifted its holdings in shares of Chegg by 0.3% in the second quarter. Sylebra Capital Ltd now owns 3,542,705 shares of the technology company’s stock valued at $136,713,000 after purchasing an additional 11,964 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Chegg by 223.4% in the second quarter. Bank of America Corp DE now owns 2,812,398 shares of the technology company’s stock valued at $108,530,000 after purchasing an additional 1,942,695 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Chegg by 33.2% in the second quarter. TimesSquare Capital Management LLC now owns 2,081,350 shares of the technology company’s stock valued at $80,319,000 after purchasing an additional 519,130 shares in the last quarter.

Shares of CHGG stock traded down $0.51 during trading on Tuesday, hitting $29.44. The company had a trading volume of 570,414 shares, compared to its average volume of 2,019,212. The company has a debt-to-equity ratio of 1.90, a quick ratio of 13.22 and a current ratio of 13.22. The firm has a market capitalization of $3.58 billion, a P/E ratio of 327.11, a price-to-earnings-growth ratio of 4.51 and a beta of 1.04. The stock’s 50-day moving average price is $36.73 and its 200 day moving average price is $38.76. Chegg Inc has a one year low of $22.67 and a one year high of $48.22.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.06. The business had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $92.44 million. Chegg had a positive return on equity of 7.12% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. On average, research analysts anticipate that Chegg Inc will post 0.22 earnings per share for the current fiscal year.

CHGG has been the topic of a number of research reports. Barrington Research boosted their price target on Chegg from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. ValuEngine downgraded Chegg from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price (up previously from $44.00) on shares of Chegg in a research report on Tuesday, July 30th. Northland Securities reaffirmed a “buy” rating and issued a $48.00 target price on shares of Chegg in a research report on Tuesday, September 24th. Finally, Jefferies Financial Group raised Chegg from a “hold” rating to a “buy” rating and lowered their target price for the company from $46.00 to $44.00 in a research report on Monday, September 9th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.33.

In related news, insider Andrew J. Brown sold 143,754 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $42.93, for a total value of $6,171,359.22. Following the completion of the sale, the insider now directly owns 259,204 shares in the company, valued at $11,127,627.72. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew J. Brown sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $44.82, for a total value of $8,964,000.00. Following the completion of the sale, the insider now owns 239,092 shares of the company’s stock, valued at $10,716,103.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,040,814 shares of company stock valued at $43,208,996. 5.80% of the stock is currently owned by corporate insiders.

Chegg Company Profile

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.

Further Reading: What is a Buy-Side Analyst?

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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