10,551 Shares in Chegg, Inc. (NYSE:CHGG) Acquired by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Chegg, Inc. (NYSE:CHGGGet Rating) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,551 shares of the technology company’s stock, valued at approximately $222,000.

A number of other hedge funds have also recently added to or reduced their stakes in CHGG. Renaissance Technologies LLC grew its holdings in Chegg by 1,062.9% during the second quarter. Renaissance Technologies LLC now owns 2,457,200 shares of the technology company’s stock valued at $46,146,000 after purchasing an additional 2,245,900 shares during the last quarter. Federated Hermes Inc. grew its holdings in Chegg by 757.1% during the second quarter. Federated Hermes Inc. now owns 1,689,370 shares of the technology company’s stock valued at $31,727,000 after purchasing an additional 1,492,260 shares during the last quarter. Northern Trust Corp grew its holdings in Chegg by 92.0% during the second quarter. Northern Trust Corp now owns 1,256,857 shares of the technology company’s stock valued at $23,603,000 after purchasing an additional 602,394 shares during the last quarter. National Bank of Canada FI grew its holdings in Chegg by 133,530.3% during the second quarter. National Bank of Canada FI now owns 600,000 shares of the technology company’s stock valued at $11,268,000 after purchasing an additional 599,551 shares during the last quarter. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Chegg in the second quarter valued at approximately $9,766,000. Institutional investors and hedge funds own 92.88% of the company’s stock.

Insider Buying and Selling at Chegg

In other Chegg news, COO Nathan J. Schultz sold 25,000 shares of Chegg stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $25.35, for a total transaction of $633,750.00. Following the completion of the transaction, the chief operating officer now directly owns 237,500 shares of the company’s stock, valued at $6,020,625. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Paul Leblanc sold 12,890 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $28.00, for a total value of $360,920.00. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at $332,108. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nathan J. Schultz sold 25,000 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $25.35, for a total value of $633,750.00. Following the completion of the sale, the chief operating officer now owns 237,500 shares of the company’s stock, valued at $6,020,625. The disclosure for this sale can be found here. Company insiders own 2.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CHGG. BMO Capital Markets increased their price objective on Chegg from $23.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, November 3rd. StockNews.com began coverage on Chegg in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley increased their price objective on Chegg from $24.00 to $31.00 and gave the company an “equal weight” rating in a research report on Thursday, December 15th. Northland Securities increased their price objective on Chegg from $32.00 to $35.00 in a research report on Friday, December 2nd. Finally, Piper Sandler increased their price objective on Chegg from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, November 2nd. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $25.90.

Chegg Stock Up 2.6 %

Shares of NYSE CHGG opened at $25.70 on Wednesday. The stock has a market cap of $3.22 billion, a PE ratio of 17.36, a PEG ratio of 3.93 and a beta of 1.11. The business has a fifty day moving average of $27.23 and a two-hundred day moving average of $23.07. Chegg, Inc. has a 52-week low of $15.66 and a 52-week high of $37.64. The company has a debt-to-equity ratio of 1.13, a quick ratio of 7.19 and a current ratio of 7.19.

Chegg (NYSE:CHGGGet Rating) last issued its quarterly earnings data on Tuesday, November 1st. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.04. The company had revenue of $164.74 million during the quarter, compared to analysts’ expectations of $158.20 million. Chegg had a return on equity of 7.19% and a net margin of 37.58%. As a group, equities research analysts expect that Chegg, Inc. will post 0.41 earnings per share for the current fiscal year.

Chegg Company 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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