Northern Trust Corp Acquires 82,434 Shares of Chegg, Inc. (CHGG)
Northern Trust Corp lifted its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 9.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 924,141 shares of the technology company’s stock after purchasing an additional 82,434 shares during the period. Northern Trust Corp owned about 0.96% of Chegg worth $11,358,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in Chegg in the 2nd quarter worth approximately $104,000. BNP Paribas Arbitrage SA grew its stake in Chegg by 1,829.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after acquiring an additional 8,582 shares during the period. Principal Financial Group Inc. grew its stake in Chegg by 7.2% in the 1st quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after acquiring an additional 926 shares during the period. Bank of America Corp DE grew its stake in Chegg by 29.0% in the 1st quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock worth $120,000 after acquiring an additional 3,205 shares during the period. Finally, Cipher Capital LP purchased a new stake in Chegg in the 2nd quarter worth approximately $127,000. 84.23% of the stock is owned by institutional investors and hedge funds.
In related news, insider Charles Geiger sold 50,000 shares of Chegg stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $15.28, for a total transaction of $764,000.00. Following the transaction, the insider now owns 561,500 shares in the company, valued at approximately $8,579,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total transaction of $199,635.36. Following the transaction, the general counsel now owns 443,810 shares in the company, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 240,526 shares of company stock worth $3,515,359. 20.40% of the stock is owned by company insiders.
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Chegg, Inc. (NYSE:CHGG) opened at $14.74 on Friday. Chegg, Inc. has a 1-year low of $6.55 and a 1-year high of $16.50.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The company had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. Chegg’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.17) EPS. equities research analysts expect that Chegg, Inc. will post -0.1 earnings per share for the current fiscal year.
Several analysts have commented on CHGG shares. Northland Securities reaffirmed a “buy” rating and issued a $16.00 target price on shares of Chegg in a research note on Tuesday, August 29th. Zacks Investment Research cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $17.00 target price on shares of Chegg in a research note on Thursday, September 7th. BidaskClub cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $19.00 target price (up from $17.00) on shares of Chegg in a research note on Tuesday, October 31st. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Chegg presently has a consensus rating of “Buy” and an average target price of $15.09.
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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