Chegg, Inc. (NYSE:CHGG) Position Lifted by Legal & General Group Plc

Legal & General Group Plc raised its stake in shares of Chegg, Inc. (NYSE:CHGG) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,751 shares of the technology company’s stock after acquiring an additional 3,346 shares during the quarter. Legal & General Group Plc’s holdings in Chegg were worth $8,124,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CHGG. FMR LLC lifted its position in shares of Chegg by 18,377.4% in the 1st quarter. FMR LLC now owns 599,961 shares of the technology company’s stock worth $22,871,000 after buying an additional 596,714 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Chegg by 196.7% in the 1st quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock worth $6,237,000 after buying an additional 108,483 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Chegg by 107.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock worth $1,141,000 after buying an additional 15,543 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Chegg by 22.5% in the 1st quarter. Teacher Retirement System of Texas now owns 13,648 shares of the technology company’s stock worth $1,169,000 after buying an additional 2,505 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Chegg in the 1st quarter worth about $25,000. Hedge funds and other institutional investors own 97.07% of the company’s stock.

CHGG has been the topic of several recent research reports. KeyCorp cut their price objective on shares of Chegg from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, October 7th. Barrington Research reiterated a “buy” rating and issued a $120.00 price objective on shares of Chegg in a research report on Tuesday, August 10th. Zacks Investment Research upgraded shares of Chegg from a “strong sell” rating to a “hold” rating in a research report on Friday, July 2nd. Jefferies Financial Group reiterated a “buy” rating and issued a $95.00 price objective on shares of Chegg in a research report on Wednesday, June 30th. Finally, Needham & Company LLC initiated coverage on shares of Chegg in a research report on Wednesday, September 15th. They issued a “buy” rating and a $120.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $101.72.

Chegg stock opened at $63.50 on Thursday. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of -158.75, a PEG ratio of 2.95 and a beta of 0.94. The company has a current ratio of 18.64, a quick ratio of 18.64 and a debt-to-equity ratio of 1.25. The company’s 50-day moving average price is $76.68 and its two-hundred day moving average price is $81.19. Chegg, Inc. has a 52 week low of $62.18 and a 52 week high of $115.21.

Chegg (NYSE:CHGG) last released its earnings results on Sunday, August 8th. The technology company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.06. The firm had revenue of $198.48 million for the quarter, compared to analysts’ expectations of $190.11 million. Chegg had a negative net margin of 5.75% and a positive return on equity of 12.35%. Chegg’s quarterly revenue was up 29.7% on a year-over-year basis. During the same quarter last year, the company earned $0.37 EPS. Research analysts expect that Chegg, Inc. will post 0.87 earnings per share for the current fiscal year.

About Chegg

Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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