TimesSquare Capital Management LLC Sells 72,400 Shares of Chegg, Inc. (NYSE:CHGG)

TimesSquare Capital Management LLC cut its stake in Chegg, Inc. (NYSE:CHGG) by 21.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 257,600 shares of the technology company’s stock after selling 72,400 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Chegg were worth $22,066,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. increased its stake in shares of Chegg by 12.2% in the 1st quarter. Baillie Gifford & Co. now owns 17,930,195 shares of the technology company’s stock valued at $1,535,900,000 after acquiring an additional 1,944,355 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Chegg by 8.4% during the 1st quarter. Artisan Partners Limited Partnership now owns 8,098,574 shares of the technology company’s stock worth $693,724,000 after purchasing an additional 626,312 shares in the last quarter. Alliancebernstein L.P. increased its stake in Chegg by 109.2% during the 1st quarter. Alliancebernstein L.P. now owns 4,357,627 shares of the technology company’s stock worth $373,274,000 after purchasing an additional 2,274,655 shares in the last quarter. Clearbridge Investments LLC increased its stake in Chegg by 4.5% during the 4th quarter. Clearbridge Investments LLC now owns 2,422,823 shares of the technology company’s stock worth $218,854,000 after purchasing an additional 103,271 shares in the last quarter. Finally, Sands Capital Management LLC increased its stake in Chegg by 37.3% during the 4th quarter. Sands Capital Management LLC now owns 1,589,373 shares of the technology company’s stock worth $143,568,000 after purchasing an additional 431,515 shares in the last quarter. 97.22% of the stock is owned by institutional investors.

In related news, insider Nathan J. Schultz sold 30,000 shares of the firm’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $95.26, for a total value of $2,857,800.00. Following the sale, the insider now directly owns 257,127 shares of the company’s stock, valued at $24,493,918.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Esther Lem sold 34,449 shares of the firm’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $89.34, for a total value of $3,077,673.66. Following the completion of the sale, the chief marketing officer now directly owns 157,835 shares in the company, valued at $14,100,978.90. The disclosure for this sale can be found here. Insiders sold 114,163 shares of company stock worth $10,495,808 in the last 90 days. 1.90% of the stock is owned by company insiders.

A number of analysts recently issued reports on CHGG shares. Needham & Company LLC reissued a “buy” rating and set a $120.00 target price on shares of Chegg in a research note on Monday, March 22nd. Raymond James reduced their price target on Chegg from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 4th. Lake Street Capital reduced their price target on Chegg from $98.00 to $93.00 and set a “hold” rating for the company in a research report on Tuesday, May 4th. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a research report on Tuesday, May 4th. Finally, KeyCorp reduced their price target on Chegg from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, May 4th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Chegg presently has a consensus rating of “Buy” and a consensus target price of $104.22.

CHGG stock opened at $76.09 on Friday. The company has a quick ratio of 7.71, a current ratio of 7.71 and a debt-to-equity ratio of 1.35. The company has a market cap of $10.80 billion, a PE ratio of -146.32, a price-to-earnings-growth ratio of 3.60 and a beta of 0.84. The stock’s fifty day moving average price is $83.38. Chegg, Inc. has a fifty-two week low of $54.85 and a fifty-two week high of $115.21.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Sunday, May 2nd. The technology company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Chegg had a positive return on equity of 14.04% and a negative net margin of 9.24%. The firm had revenue of $198.40 million for the quarter, compared to the consensus estimate of $184.59 million. During the same quarter in the previous year, the business earned $0.22 EPS. The firm’s quarterly revenue was up 50.8% on a year-over-year basis. Equities research analysts expect that Chegg, Inc. will post 0.82 earnings per share for the current fiscal year.

About Chegg

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 to learn their course materials, succeed in their classes, and save money on required materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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