Chegg Inc (CHGG) Insider Sells $183,312.00 in Stock
Chegg Inc (NYSE:CHGG) insider Nathan J. Schultz sold 15,276 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $12.00, for a total value of $183,312.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Chegg Inc (NYSE:CHGG) traded up 0.17% during trading on Wednesday, hitting $11.94. The stock had a trading volume of 997,104 shares. The company’s market cap is $1.13 billion. Chegg Inc has a 12-month low of $4.58 and a 12-month high of $12.19. The stock’s 50 day moving average is $9.98 and its 200-day moving average is $8.34.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Thursday, May 4th. The technology company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. The business had revenue of $62.60 million during the quarter, compared to the consensus estimate of $58.46 million. Chegg had a negative return on equity of 15.10% and a negative net margin of 16.63%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Analysts forecast that Chegg Inc will post $0.22 earnings per share for the current year.
Several analysts have issued reports on the company. BMO Capital Markets restated an “outperform” rating and issued a $12.00 target price (up from $10.00) on shares of Chegg in a report on Wednesday, May 3rd. ValuEngine cut Chegg from a “hold” rating to a “sell” rating and dropped their target price for the company from $10.00 to $8.00 in a report on Thursday, May 11th. First Analysis upped their target price on Chegg from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Monday. Zacks Investment Research upgraded Chegg from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Friday, May 5th. Finally, Lake Street Capital restated a “buy” rating and issued a $12.00 target price (up from $9.00) on shares of Chegg in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. Chegg currently has a consensus rating of “Buy” and an average price target of $11.08.
Several large investors have recently made changes to their positions in CHGG. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Chegg during the third quarter worth approximately $105,000. Hood River Capital Management LLC increased its stake in shares of Chegg by 32.8% in the third quarter. Hood River Capital Management LLC now owns 1,228,205 shares of the technology company’s stock worth $8,708,000 after buying an additional 303,113 shares in the last quarter. G2 Investment Partners Management LLC acquired a new stake in shares of Chegg during the third quarter worth approximately $1,262,000. Mackenzie Financial Corp acquired a new stake in shares of Chegg during the third quarter worth approximately $3,799,000. Finally, Ashford Capital Management Inc. acquired a new stake in shares of Chegg during the third quarter worth approximately $9,950,000. 67.17% of the stock is owned by institutional investors and hedge funds.
Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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