Arizona State Retirement System Raises Holdings in Chegg, Inc. (NYSE:CHGG)

Arizona State Retirement System lifted its holdings in shares of Chegg, Inc. (NYSE:CHGG – Get Rating) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,666 shares of the technology company’s stock after purchasing an additional 1,454 shares during the period. Arizona State Retirement System’s holdings in Chegg were worth $901,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CHGG. Vanguard Group Inc. grew its stake in Chegg by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company’s stock worth $247,923,000 after acquiring an additional 179,401 shares during the period. Sands Capital Management LLC lifted its holdings in shares of Chegg by 12.9% during the 3rd quarter. Sands Capital Management LLC now owns 5,377,528 shares of the technology company’s stock valued at $113,305,000 after acquiring an additional 615,280 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Chegg by 0.5% during the 1st 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 in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Chegg by 33.4% during the 3rd quarter. Federated Hermes Inc. now owns 2,253,892 shares of the technology company’s stock valued at $47,490,000 after acquiring an additional 564,522 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Chegg by 37.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,676,979 shares of the technology company’s stock valued at $35,334,000 after acquiring an additional 456,729 shares in the last quarter. 92.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chegg news, CMO Esther Lem sold 5,700 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $16.86, for a total value of $96,102.00. Following the completion of the transaction, the chief marketing officer now owns 171,300 shares in the company, valued at approximately $2,888,118. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Chegg news, CMO Esther Lem sold 5,700 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $16.86, for a total value of $96,102.00. Following the completion of the transaction, the chief marketing officer now owns 171,300 shares in the company, valued at approximately $2,888,118. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Nathan J. Schultz sold 4,041 shares of the company’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the completion of the transaction, the chief operating officer now owns 224,637 shares of the company’s stock, valued at approximately $3,513,322.68. The disclosure for this sale can be found here. 2.25% of the stock is owned by insiders.

Chegg Price Performance

Shares of NYSE:CHGG opened at $9.66 on Tuesday. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 1.18. Chegg, Inc. has a fifty-two week low of $8.72 and a fifty-two week high of $30.05. The firm has a 50-day simple moving average of $15.38 and a 200 day simple moving average of $20.69. The company has a market cap of $1.16 billion, a PE ratio of 7.32, a P/E/G ratio of 24.07 and a beta of 1.15.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CHGG shares. JPMorgan Chase & Co. reduced their target price on shares of Chegg from $23.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, February 7th. The Goldman Sachs Group cut their price objective on shares of Chegg from $24.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, February 8th. Piper Sandler cut their target price on shares of Chegg from $17.00 to $11.00 in a research note on Tuesday, May 2nd. StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Finally, Craig Hallum cut their target price on shares of Chegg from $25.00 to $18.00 in a research note on Tuesday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Chegg currently has an average rating of “Hold” and an average target price of $18.77.

Chegg Company Profile

(Get Rating)

Chegg, Inc operates a learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades, and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.