State Board of Administration of Florida Retirement System Lowers Position in Chegg, Inc. (NYSE:CHGG)

State Board of Administration of Florida Retirement System cut its stake in Chegg, Inc. (NYSE:CHGGGet Rating) by 68.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,987 shares of the technology company’s stock after selling 107,138 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Chegg were worth $939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Sands Capital Management LLC increased its position in shares of Chegg by 6.9% during the first quarter. Sands Capital Management LLC now owns 4,301,885 shares of the technology company’s stock valued at $156,072,000 after acquiring an additional 277,333 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Chegg by 0.5% during the first quarter. Clearbridge Investments LLC now owns 2,628,689 shares of the technology company’s stock valued at $95,369,000 after acquiring an additional 13,278 shares during the last quarter. Granahan Investment Management LLC increased its position in shares of Chegg by 60.5% during the first quarter. Granahan Investment Management LLC now owns 2,598,021 shares of the technology company’s stock valued at $94,256,000 after acquiring an additional 979,467 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Chegg by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 988,720 shares of the technology company’s stock valued at $35,871,000 after acquiring an additional 161,720 shares during the last quarter. Finally, Stony Point Capital LLC increased its position in shares of Chegg by 20.6% during the first quarter. Stony Point Capital LLC now owns 727,976 shares of the technology company’s stock valued at $26,411,000 after acquiring an additional 124,565 shares during the last quarter. 95.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Paul Leblanc sold 12,890 shares of the business’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $28.00, for a total transaction of $360,920.00. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at $332,108. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.25% of the stock is owned by company insiders.

Chegg Price Performance

NYSE:CHGG opened at $28.76 on Friday. Chegg, Inc. has a 52-week low of $15.66 and a 52-week high of $37.64. The stock has a fifty day moving average of $22.82 and a 200 day moving average of $20.83. The company has a debt-to-equity ratio of 1.13, a quick ratio of 7.19 and a current ratio of 7.19. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 19.43, a P/E/G ratio of 4.64 and a beta of 0.98.

Analysts Set New Price Targets

A number of brokerages recently commented on CHGG. Citigroup increased their price target on Chegg from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 2nd. Morgan Stanley raised their target price on Chegg from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 2nd. Barrington Research raised their target price on Chegg from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 2nd. TheStreet raised Chegg from a “d+” rating to a “c-” rating in a research report on Monday, August 22nd. Finally, Northland Securities raised their target price on Chegg from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 2nd. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $29.00.

Chegg Profile

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Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

Further Reading

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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