Swiss National Bank boosted its stake in Chegg Inc. (NYSE:CHGG) by 28.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,300 shares of the company’s stock after buying an additional 20,800 shares during the period. Swiss National Bank owned 0.10% of Chegg worth $472,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in CHGG. Edge Wealth Management LLC bought a new stake in Chegg during the second quarter valued at $153,000. California State Teachers Retirement System increased its stake in Chegg by 4.4% in the second quarter. California State Teachers Retirement System now owns 168,822 shares of the company’s stock valued at $844,000 after buying an additional 7,101 shares in the last quarter. A.R.T. Advisors LLC increased its stake in Chegg by 74.1% in the first quarter. A.R.T. Advisors LLC now owns 193,318 shares of the company’s stock valued at $862,000 after buying an additional 82,300 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Chegg by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 263,511 shares of the company’s stock valued at $1,318,000 after buying an additional 3,144 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Chegg by 8.9% in the first quarter. Geode Capital Management LLC now owns 372,178 shares of the company’s stock valued at $1,659,000 after buying an additional 30,451 shares in the last quarter. 62.51% of the stock is owned by institutional investors and hedge funds.
Chegg Inc. (NYSE:CHGG) remained flat at $6.77 on Monday. 66,200 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $7.02 and a 200-day moving average price of $5.60. Chegg Inc. has a one year low of $3.15 and a one year high of $8.03. The stock’s market cap is $616.26 million.
Chegg (NYSE:CHGG) last released its earnings results on Monday, August 1st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The company had revenue of $53 million for the quarter, compared to analyst estimates of $67.10 million. Chegg had a negative net margin of 16.81% and a negative return on equity of 15.55%. The firm’s quarterly revenue was down 20.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 EPS. On average, equities research analysts expect that Chegg Inc. will post $0.10 earnings per share for the current year.
Several equities analysts recently issued reports on the stock. TheStreet raised shares of Chegg from a “sell” rating to a “hold” rating in a report on Tuesday, August 2nd. Jefferies Group reissued a “buy” rating and set a $12.00 price objective on shares of Chegg in a report on Monday, June 27th. Barrington Research lifted their price objective on shares of Chegg from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Thursday, September 29th. BMO Capital Markets reissued an “outperform” rating and set a $7.00 price objective (up from $6.00) on shares of Chegg in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. lifted their price objective on shares of Chegg from $6.00 to $7.00 and gave the company an “overweight” rating in a report on Tuesday, August 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Chegg has an average rating of “Buy” and a consensus target price of $8.41.
In other Chegg news, insider Charles Geiger sold 25,000 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $6.75, for a total transaction of $168,750.00. Following the sale, the insider now directly owns 296,666 shares in the company, valued at approximately $2,002,495.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 18.00% 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. It matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.