People s United Financial Inc. Purchases New Position in Chegg, Inc. (CHGG)
People s United Financial Inc. purchased a new stake in Chegg, Inc. (NYSE:CHGG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 45,000 shares of the technology company’s stock, valued at approximately $553,000.
Other large investors have also recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after purchasing an additional 488 shares during the period. PNC Financial Services Group Inc. acquired a new stake in shares of Chegg in the second quarter valued at approximately $104,000. BNP Paribas Arbitrage SA increased its stake in shares of Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after purchasing an additional 8,582 shares during the period. Principal Financial Group Inc. increased its stake in shares of Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock valued at $116,000 after purchasing an additional 926 shares during the period. Finally, Stifel Financial Corp acquired a new stake in shares of Chegg in the second quarter valued at approximately $116,000. Institutional investors own 84.80% of the company’s stock.
Several equities research analysts have commented on CHGG shares. Northland Securities restated a “buy” rating and issued a $16.00 price target on shares of Chegg in a research note on Tuesday, August 29th. Jefferies Group LLC restated a “buy” rating and issued a $13.00 price target on shares of Chegg in a research note on Friday, June 23rd. Zacks Investment Research lowered shares of 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 lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Saturday, August 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Chegg currently has a consensus rating of “Buy” and an average price target of $13.68.
Chegg, Inc. (NYSE CHGG) opened at 15.41 on Friday. The firm’s market cap is $1.48 billion. The company’s 50 day moving average is $14.58 and its 200-day moving average is $12.32. Chegg, Inc. has a 1-year low of $6.51 and a 1-year high of $15.95.
Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.08). Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The company had revenue of $56.30 million for the quarter, compared to analyst estimates of $53.33 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. Chegg’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts predict that Chegg, Inc. will post $0.24 EPS for the current fiscal year.
In other news, General Counsel Dave Jr. Borders sold 13,256 shares of the company’s stock in a transaction that occurred 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 directly owns 443,810 shares in the company, valued at $6,683,778.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles Geiger sold 81,968 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $1,110,666.40. Following the transaction, the insider now owns 568,468 shares in the company, valued at $7,702,741.40. The disclosure for this sale can be found here. Insiders have sold 472,494 shares of company stock worth $6,712,525 over the last quarter. 20.40% of the stock is owned by company insiders.
Chegg Company Profile
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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