Chegg Inc (CHGG) Shares Sold by Penn Capital Management Co. Inc.

Penn Capital Management Co. Inc. lessened its position in Chegg Inc (NYSE:CHGG) by 25.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 248,486 shares of the technology company’s stock after selling 84,051 shares during the quarter. Penn Capital Management Co. Inc.’s holdings in Chegg were worth $9,472,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CHGG. Bank of New York Mellon Corp raised its holdings in shares of Chegg by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 424,918 shares of the technology company’s stock valued at $12,081,000 after purchasing an additional 5,448 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Chegg by 456.5% in the third quarter. Dimensional Fund Advisors LP now owns 85,144 shares of the technology company’s stock valued at $2,421,000 after purchasing an additional 69,844 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Chegg by 82.6% in the third quarter. JPMorgan Chase & Co. now owns 807,783 shares of the technology company’s stock valued at $22,965,000 after purchasing an additional 365,467 shares during the last quarter. Man Group plc raised its holdings in shares of Chegg by 11.9% in the third quarter. Man Group plc now owns 21,889 shares of the technology company’s stock valued at $623,000 after purchasing an additional 2,333 shares during the last quarter. Finally, Teachers Advisors LLC raised its holdings in shares of Chegg by 1.5% in the third quarter. Teachers Advisors LLC now owns 221,183 shares of the technology company’s stock valued at $6,288,000 after purchasing an additional 3,244 shares during the last quarter.

Several analysts have recently commented on CHGG shares. JPMorgan Chase & Co. increased their target price on shares of Chegg to $42.00 and gave the company an “overweight” rating in a report on Tuesday, February 12th. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, April 5th. Lake Street Capital reiterated a “hold” rating and issued a $34.00 target price (up previously from $33.00) on shares of Chegg in a report on Tuesday, April 30th. Craig Hallum reiterated a “buy” rating and issued a $50.00 target price (up previously from $45.00) on shares of Chegg in a report on Tuesday, April 30th. Finally, Citigroup downgraded shares of Chegg from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a report on Friday, February 8th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $39.40.

CHGG opened at $37.45 on Friday. The stock has a market cap of $4.44 billion, a P/E ratio of 267.50, a P/E/G ratio of 12.48 and a beta of 1.22. The company has a debt-to-equity ratio of 1.84, a current ratio of 13.96 and a quick ratio of 13.96. Chegg Inc has a fifty-two week low of $22.67 and a fifty-two week high of $41.69.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.09). The company had revenue of $97.40 million for the quarter, compared to the consensus estimate of $94.69 million. Chegg had a negative net margin of 4.86% and a positive return on equity of 4.73%. Chegg’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS. Analysts predict that Chegg Inc will post 0.15 earnings per share for the current year.

In related news, CEO Daniel Rosensweig sold 150,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $41.06, for a total transaction of $6,159,000.00. Following the completion of the transaction, the chief executive officer now owns 2,322,754 shares in the company, valued at $95,372,279.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Dave Jr. Borders sold 116,976 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $35.78, for a total transaction of $4,185,401.28. Following the transaction, the general counsel now owns 345,585 shares of the company’s stock, valued at approximately $12,365,031.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,761 shares of company stock valued at $39,297,204. 5.80% of the stock is owned by company insiders.

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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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