Point72 Asset Management L.P. Takes $273,000 Position in Chegg Inc (NYSE:CHGG)

Point72 Asset Management L.P. acquired a new stake in shares of Chegg Inc (NYSE:CHGG) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,117 shares of the technology company’s stock, valued at approximately $273,000.

Several other hedge funds also recently made changes to their positions in the company. FMR LLC boosted its holdings in Chegg by 18,377.4% in the first quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after acquiring an additional 596,714 shares during the last quarter. First Trust Advisors LP increased its stake in Chegg by 196.7% during the first quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock worth $6,237,000 after acquiring an additional 108,483 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Chegg by 107.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock worth $1,141,000 after purchasing an additional 15,543 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Chegg by 19.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 10,526 shares of the technology company’s stock worth $406,000 after purchasing an additional 1,678 shares during the period. Finally, Strs Ohio lifted its stake in shares of Chegg by 399.4% in the 2nd quarter. Strs Ohio now owns 76,900 shares of the technology company’s stock valued at $2,967,000 after purchasing an additional 61,500 shares in the last quarter.

A number of brokerages have recently issued reports on CHGG. ValuEngine upgraded Chegg from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Lake Street Capital cut their price target on shares of Chegg from $38.00 to $35.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. William Blair began coverage on shares of Chegg in a research report on Monday, August 12th. They set an “outperform” rating on the stock. Jefferies Financial Group upgraded shares of Chegg from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $46.00 to $44.00 in a research note on Monday, September 9th. Finally, Zacks Investment Research downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Chegg currently has a consensus rating of “Buy” and an average target price of $43.88.

In related news, insider Michael A. Osier sold 13,758 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $38.25, for a total value of $526,243.50. Following the completion of the transaction, the insider now owns 514,007 shares of the company’s stock, valued at $19,660,767.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Esther Lem sold 50,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $38.19, for a total transaction of $1,909,500.00. Following the transaction, the chief marketing officer now owns 306,345 shares in the company, valued at $11,699,315.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 650,604 shares of company stock valued at $22,307,684. 5.80% of the stock is owned by company insiders.

Shares of NYSE CHGG opened at $37.95 on Friday. The company has a debt-to-equity ratio of 1.89, a current ratio of 9.50 and a quick ratio of 9.50. Chegg Inc has a 1-year low of $25.16 and a 1-year high of $48.22. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 421.67, a PEG ratio of 3.59 and a beta of 1.03. The business has a 50-day moving average of $34.94 and a 200-day moving average of $37.46.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, November 4th. The technology company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.08 by $0.10. The business had revenue of $94.20 million for the quarter, compared to the consensus estimate of $89.04 million. Chegg had a positive return on equity of 9.53% and a negative net margin of 3.27%. The company’s revenue was up 27.0% on a year-over-year basis. During the same period last year, the business posted $0.07 EPS. Research analysts expect that Chegg Inc will post 0.36 EPS for the current fiscal year.

Chegg 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.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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