Chegg Inc (CHGG) Position Raised by Loomis Sayles & Co. L P
Loomis Sayles & Co. L P increased its holdings in Chegg Inc (NYSE:CHGG) by 29.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 886,295 shares of the technology company’s stock after buying an additional 200,356 shares during the period. Loomis Sayles & Co. L P owned 0.77% of Chegg worth $25,197,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. PNC Financial Services Group Inc. grew its stake in shares of Chegg by 213.2% during the third quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock valued at $162,000 after buying an additional 3,865 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Chegg by 612.4% during the third quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock valued at $168,000 after buying an additional 5,089 shares during the last quarter. BB&T Securities LLC bought a new position in shares of Chegg during the second quarter valued at about $209,000. National Asset Management Inc. bought a new position in shares of Chegg during the third quarter valued at about $223,000. Finally, AXA bought a new position in shares of Chegg during the third quarter valued at about $225,000. Institutional investors own 99.55% of the company’s stock.
NYSE CHGG opened at $27.82 on Thursday. The company has a current ratio of 6.56, a quick ratio of 6.56 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $3.20 billion, a P/E ratio of -309.11, a price-to-earnings-growth ratio of 10.78 and a beta of 1.42. Chegg Inc has a 1 year low of $13.83 and a 1 year high of $32.82.
CHGG has been the topic of a number of recent research reports. Barrington Research reaffirmed a “buy” rating and set a $32.00 price objective on shares of Chegg in a research note on Friday, October 5th. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Tuesday, October 9th. Jefferies Financial Group reduced their price objective on Chegg from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Tuesday, October 30th. First Analysis raised Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Tuesday, October 30th. Finally, Craig Hallum raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $26.80.
In related news, Director John E. York sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $25.03, for a total value of $312,875.00. Following the sale, the director now directly owns 20,714 shares of the company’s stock, valued at $518,471.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $31.07, for a total value of $4,660,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,435,450 shares in the company, valued at $75,669,431.50. The disclosure for this sale can be found here. Insiders sold 552,500 shares of company stock worth $15,301,025 over the last three months. 10.80% of the stock is owned by insiders.
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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.
Further Reading: Earnings Per Share
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