Bank of New York Mellon Corp Sells 32,452 Shares of Chegg, Inc. (CHGG)
Bank of New York Mellon Corp reduced its stake in shares of Chegg, Inc. (NYSE:CHGG) by 9.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 297,764 shares of the technology company’s stock after selling 32,452 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Chegg worth $3,660,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Rhumbline Advisers grew its stake in Chegg by 1.2% during the 2nd quarter. Rhumbline Advisers now owns 92,001 shares of the technology company’s stock worth $1,131,000 after buying an additional 1,092 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Chegg by 10.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 253,137 shares of the technology company’s stock worth $3,112,000 after buying an additional 23,678 shares during the last quarter. Sanctuary Wealth Advisors LLC bought a new position in Chegg during the 2nd quarter worth $3,501,000. TD Asset Management Inc. grew its stake in Chegg by 35.4% during the 2nd quarter. TD Asset Management Inc. now owns 123,572 shares of the technology company’s stock worth $1,519,000 after buying an additional 32,300 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Chegg during the 2nd quarter worth $55,365,000. Hedge funds and other institutional investors own 84.80% of the company’s stock.
Chegg, Inc. (NYSE CHGG) opened at 15.38 on Friday. The firm’s market cap is $1.48 billion. Chegg, Inc. has a 12 month low of $6.51 and a 12 month high of $15.95. The firm’s 50-day moving average price is $14.61 and its 200-day moving average price is $12.37.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.08). Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The business had revenue of $56.30 million for the quarter, compared to analyst estimates of $53.33 million. During the same period in the prior year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts predict that Chegg, Inc. will post $0.24 earnings per share for the current year.
A number of research analysts recently commented on CHGG shares. Northland Securities restated a “buy” rating and set a $16.00 price objective on shares of Chegg in a research note on Tuesday, August 29th. Jefferies Group LLC restated a “buy” rating and set a $13.00 price objective on shares of Chegg in a research note on Friday, June 23rd. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Barrington Research restated an “outperform” rating on shares of Chegg in a research note on Friday, June 23rd. Finally, BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Saturday, August 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $13.68.
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In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the completion of the sale, the general counsel now directly owns 443,810 shares of the company’s stock, valued at approximately $6,683,778.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charles Geiger sold 50,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $13.73, for a total value of $686,500.00. Following the sale, the insider now directly owns 561,500 shares of the company’s stock, valued at $7,709,395. The disclosure for this sale can be found here. Insiders have sold a total of 472,494 shares of company stock valued at $6,712,525 over the last ninety days. Insiders own 20.40% of the company’s stock.
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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