MetLife Investment Advisors LLC acquired a new stake in Chegg (NYSE:CHGG) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 44,656 shares of the technology company’s stock, valued at approximately $729,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC grew its stake in shares of Chegg by 4.2% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 7,337,758 shares of the technology company’s stock valued at $119,752,000 after buying an additional 294,847 shares in the last quarter. BlackRock Inc. grew its stake in shares of Chegg by 1.3% in the fourth quarter. BlackRock Inc. now owns 5,566,601 shares of the technology company’s stock valued at $90,847,000 after buying an additional 71,515 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Chegg by 14.0% in the fourth quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock valued at $54,363,000 after buying an additional 409,956 shares in the last quarter. TimesSquare Capital Management LLC grew its stake in shares of Chegg by 2.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 3,106,385 shares of the technology company’s stock valued at $50,696,000 after buying an additional 80,480 shares in the last quarter. Finally, Fred Alger Management Inc. grew its stake in shares of Chegg by 15.0% in the fourth quarter. Fred Alger Management Inc. now owns 3,061,063 shares of the technology company’s stock valued at $49,957,000 after buying an additional 399,517 shares in the last quarter.
Several equities analysts recently weighed in on the stock. BMO Capital Markets reissued a “buy” rating and issued a $26.00 target price on shares of Chegg in a research note on Wednesday, April 11th. ValuEngine raised shares of Chegg from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research cut shares of Chegg from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. JPMorgan Chase raised their target price on shares of Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Finally, Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and raised their target price for the company from $22.70 to $23.00 in a research note on Tuesday, March 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $18.42.
In other news, insider Andrew J. Brown sold 87,500 shares of the business’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $22.57, for a total value of $1,974,875.00. Following the completion of the sale, the insider now owns 709,572 shares of the company’s stock, valued at $16,015,040.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robin Tomasello sold 138,949 shares of the business’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $21.65, for a total transaction of $3,008,245.85. Following the completion of the sale, the vice president now directly owns 154,603 shares of the company’s stock, valued at approximately $3,347,154.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 952,800 shares of company stock valued at $19,147,744. Company insiders own 20.40% of the company’s stock.
CHGG stock opened at $21.75 on Monday. Chegg has a one year low of $8.04 and a one year high of $23.22. The firm has a market cap of $2,376.30, a price-to-earnings ratio of -241.67, a P/E/G ratio of 7.33 and a beta of 1.44.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, topping 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 2.37%. The firm had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. During the same period in the previous year, the business posted $0.10 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. equities analysts predict that Chegg will post 0.12 EPS for the current year.
Chegg announced that its Board of Directors has initiated a share buyback plan on Wednesday, March 28th that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 0.9% of its shares through a private placement purchase. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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Chegg Company Profile
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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