Stock Traders Purchase High Volume of Chegg Put Options (CHGG)

Chegg Inc (NYSE:CHGG) was the target of unusually large options trading activity on Wednesday. Stock investors purchased 1,927 put options on the stock. This is an increase of 1,327% compared to the typical volume of 135 put options.

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday. BidaskClub cut shares of Chegg from a “buy” rating to a “hold” rating in a report on Friday, November 10th. First Analysis cut shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective for the company. in a report on Tuesday, October 31st. Northland Securities reissued a “buy” rating and set a $18.00 price objective on shares of Chegg in a report on Wednesday, November 1st. Finally, Zacks Investment Research raised shares of Chegg from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $17.09.

In other news, insider Michael A. Osier sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total transaction of $3,050,000.00. Following the completion of the transaction, the insider now directly owns 653,061 shares of the company’s stock, valued at $9,959,180.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Esther Lem sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $14.36, for a total transaction of $143,600.00. The disclosure for this sale can be found here. Insiders sold 869,323 shares of company stock valued at $14,302,385 over the last ninety days. Corporate insiders own 20.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CHGG. Gilder Gagnon Howe & Co. LLC increased its holdings in Chegg by 56.3% during the third quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock valued at $104,517,000 after buying an additional 2,538,026 shares during the last quarter. Millennium TVP Management Co. LLC purchased a new stake in Chegg during the third quarter valued at approximately $25,896,000. Clearbridge Investments LLC increased its holdings in Chegg by 184.1% during the fourth quarter. Clearbridge Investments LLC now owns 1,927,665 shares of the technology company’s stock valued at $31,459,000 after buying an additional 1,249,178 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in Chegg by 113.7% during the second quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after buying an additional 1,126,806 shares during the last quarter. Finally, Columbus Circle Investors purchased a new stake in Chegg during the third quarter valued at approximately $14,234,000.

Shares of Chegg (NYSE:CHGG) opened at $18.99 on Thursday. Chegg has a twelve month low of $7.81 and a twelve month high of $19.96.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.64%. The business had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. During the same period in the prior year, the company earned $0.10 earnings per share. The firm’s revenue was up 16.5% on a year-over-year basis. research analysts forecast that Chegg will post 0.1 earnings per share for the current year.

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About Chegg

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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