Ensign Peak Advisors Inc Reduces Position in Chegg, Inc. (NYSE:CHGG)

Ensign Peak Advisors Inc cut its position in shares of Chegg, Inc. (NYSE:CHGGGet Rating) by 13.2% in the third quarter, Holdings Channel.com reports. The firm owned 38,210 shares of the technology company’s stock after selling 5,790 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Chegg were worth $805,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CHGG. Federated Hermes Inc. boosted its position in Chegg by 33.4% in the 3rd quarter. Federated Hermes Inc. now owns 2,253,892 shares of the technology company’s stock valued at $47,490,000 after buying an additional 564,522 shares during the period. First Trust Advisors LP purchased a new stake in Chegg in the 3rd quarter valued at about $740,000. Bayesian Capital Management LP purchased a new stake in Chegg in the 3rd quarter valued at about $643,000. Commonwealth Equity Services LLC boosted its position in Chegg by 5.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 121,593 shares of the technology company’s stock valued at $2,561,000 after buying an additional 6,262 shares during the period. Finally, GHE LLC boosted its position in Chegg by 49.9% in the 3rd quarter. GHE LLC now owns 43,646 shares of the technology company’s stock valued at $920,000 after buying an additional 14,527 shares during the period. 92.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chegg

In other Chegg news, COO Nathan J. Schultz sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $25.35, for a total transaction of $633,750.00. Following the transaction, the chief operating officer now owns 237,500 shares in the company, valued at approximately $6,020,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Chegg news, CMO Esther Lem sold 5,700 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $16.86, for a total transaction of $96,102.00. Following the transaction, the chief marketing officer now owns 171,300 shares in the company, valued at approximately $2,888,118. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nathan J. Schultz sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $25.35, for a total transaction of $633,750.00. Following the completion of the sale, the chief operating officer now directly owns 237,500 shares in the company, valued at $6,020,625. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,741 shares of company stock worth $793,053. 2.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CHGG has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Chegg from $23.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, February 7th. Morgan Stanley lowered their price objective on shares of Chegg from $31.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 7th. The Goldman Sachs Group lowered their price objective on shares of Chegg from $24.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, February 8th. Piper Sandler lowered their price target on shares of Chegg from $24.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, February 7th. Finally, Barrington Research lowered their price target on shares of Chegg from $30.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, February 7th. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.00.

Chegg Trading Down 2.1 %

NYSE CHGG opened at $15.55 on Tuesday. The company has a quick ratio of 8.24, a current ratio of 8.24 and a debt-to-equity ratio of 1.06. The firm has a market cap of $1.97 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 4.64 and a beta of 1.13. The company has a 50 day moving average price of $19.53 and a 200 day moving average price of $22.56. Chegg, Inc. has a 52 week low of $15.30 and a 52 week high of $37.64.

Chegg (NYSE:CHGGGet Rating) last posted its quarterly earnings data on Monday, February 6th. The technology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.38 by $0.02. The firm had revenue of $205.19 million during the quarter, compared to analyst estimates of $202.10 million. Chegg had a net margin of 34.77% and a return on equity of 6.41%. Chegg’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. As a group, sell-side analysts forecast that Chegg, Inc. will post 0.28 EPS for the current fiscal year.

About Chegg

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Chegg, Inc operates a 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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Want to see what other hedge funds are holding CHGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chegg, Inc. (NYSE:CHGGGet Rating).

Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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