Sciencast Management LP Acquires New Position in Chegg Inc (CHGG)

Sciencast Management LP acquired a new stake in shares of Chegg Inc (NYSE:CHGG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,600 shares of the technology company’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Parallel Advisors LLC grew its position in shares of Chegg by 22.8% in the 4th quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock worth $44,000 after acquiring an additional 289 shares in the last quarter. PRW Wealth Management LLC acquired a new position in Chegg during the 4th quarter valued at approximately $56,000. We Are One Seven LLC acquired a new position in Chegg during the 4th quarter valued at approximately $79,000. Bessemer Group Inc. acquired a new position in Chegg during the 4th quarter valued at approximately $116,000. Finally, PNC Financial Services Group Inc. boosted its position in Chegg by 213.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock valued at $162,000 after purchasing an additional 3,865 shares during the period.

In other Chegg news, CEO Daniel Rosensweig sold 150,000 shares of Chegg stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $41.06, for a total transaction of $6,159,000.00. Following the sale, the chief executive officer now owns 2,322,754 shares of the company’s stock, valued at approximately $95,372,279.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Brown sold 81,270 shares of Chegg stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $35.18, for a total value of $2,859,078.60. The disclosure for this sale can be found here. Insiders have sold a total of 798,604 shares of company stock worth $31,024,261 in the last ninety days. 10.80% of the stock is owned by company insiders.

Shares of Chegg stock opened at $37.80 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 8.29 and a current ratio of 8.29. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 315.00, a price-to-earnings-growth ratio of 7.41 and a beta of 1.30. Chegg Inc has a 1-year low of $20.40 and a 1-year high of $41.69.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 11th. The technology company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.03. The firm had revenue of $95.68 million for the quarter, compared to the consensus estimate of $91.74 million. Chegg had a positive return on equity of 4.31% and a negative net margin of 4.64%. On average, research analysts forecast that Chegg Inc will post 0.17 EPS for the current fiscal year.

CHGG has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Chegg to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, February 12th. Zacks Investment Research upgraded Chegg from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, April 5th. Lake Street Capital boosted their price objective on Chegg to $33.00 and gave the company a “hold” rating in a research report on Tuesday, February 12th. Citigroup lowered Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research report on Friday, February 8th. Finally, Craig Hallum boosted their price objective on Chegg from $34.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, February 12th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $37.60.

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Chegg Company Profile

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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