TimesSquare Capital Management LLC Trims Holdings in Chegg, Inc. (CHGG)
TimesSquare Capital Management LLC cut its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 18.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,025,905 shares of the technology company’s stock after selling 673,870 shares during the quarter. TimesSquare Capital Management LLC owned 2.79% of Chegg worth $44,904,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. TIAA CREF Investment Management LLC lifted its holdings in Chegg by 6.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock worth $2,782,000 after buying an additional 13,011 shares in the last quarter. Pier Capital LLC lifted its holdings in Chegg by 2.8% during the 2nd quarter. Pier Capital LLC now owns 363,940 shares of the technology company’s stock worth $4,473,000 after buying an additional 9,853 shares in the last quarter. Summit Creek Advisors LLC acquired a new stake in Chegg during the 3rd quarter worth approximately $2,557,000. Schwab Charles Investment Management Inc. lifted its holdings in Chegg by 4.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 229,459 shares of the technology company’s stock worth $1,937,000 after buying an additional 10,602 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Chegg during the 2nd quarter worth approximately $480,000. Institutional investors own 91.39% of the company’s stock.
Shares of Chegg, Inc. (NYSE:CHGG) opened at $14.91 on Friday. Chegg, Inc. has a 52-week low of $6.84 and a 52-week high of $16.50.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The company had revenue of $62.60 million for the quarter, compared to the consensus estimate of $57.75 million. During the same period in the prior year, the firm posted ($0.17) EPS. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. sell-side analysts forecast that Chegg, Inc. will post -0.09 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on CHGG shares. BidaskClub lowered shares of Chegg from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Northland Securities reiterated a “buy” rating and set a $16.00 target price on shares of Chegg in a report on Tuesday, August 29th. Jefferies Group LLC reissued a “buy” rating and issued a $17.00 price objective on shares of Chegg in a research report on Thursday, September 7th. Zacks Investment Research downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Finally, First Analysis downgraded shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective on the stock. in a research report on Tuesday, October 31st. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and an average price target of $15.42.
In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total value of $199,635.36. Following the transaction, the general counsel now directly owns 443,810 shares of the company’s stock, valued at approximately $6,683,778.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total transaction of $2,806,000.00. The disclosure for this sale can be found here. Insiders sold a total of 505,454 shares of company stock worth $7,245,651 over the last ninety days. Insiders own 20.40% of the company’s stock.
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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