Gladstone Institutional Advisory LLC Acquires Shares of 9,030 Chegg, Inc. (NYSE:CHGG)

Posted by on Apr 22nd, 2023

Gladstone Institutional Advisory LLC bought a new stake in shares of Chegg, Inc. (NYSE:CHGG – Get Rating) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 9,030 shares of the technology company’s stock, valued at approximately $228,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wipfli Financial Advisors LLC purchased a new position in shares of Chegg during the 3rd quarter valued at approximately $36,000. Captrust Financial Advisors lifted its stake in Chegg by 79.6% during the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after purchasing an additional 892 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Chegg by 149.6% during the third quarter. Rockefeller Capital Management L.P. now owns 6,685 shares of the technology company’s stock worth $140,000 after purchasing an additional 4,007 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new position in Chegg during the fourth quarter worth $146,000. Finally, Prudential Financial Inc. bought a new position in Chegg during the second quarter worth $191,000. 92.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CHGG has been the topic of several research analyst reports. Needham & Company LLC cut Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, January 18th. JPMorgan Chase & Co. reduced their price objective on Chegg from $23.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 7th. BMO Capital Markets reduced their price objective on Chegg from $30.00 to $20.00 in a research note on Tuesday, February 7th. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Finally, Barrington Research dropped their target price on Chegg from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 7th. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Chegg presently has an average rating of “Hold” and a consensus price target of $22.64.

Insider Activity

In other news, COO Nathan J. Schultz sold 4,041 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the transaction, the chief operating officer now directly owns 224,637 shares of the company’s stock, valued at $3,513,322.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Nathan J. Schultz sold 4,041 shares of Chegg stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the transaction, the chief operating officer now directly owns 224,637 shares of the company’s stock, valued at $3,513,322.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Esther Lem sold 5,700 shares of Chegg stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $16.86, for a total value of $96,102.00. Following the transaction, the chief marketing officer now directly owns 171,300 shares in the company, valued at $2,888,118. The disclosure for this sale can be found here. Corporate insiders own 2.25% of the company’s stock.

Chegg Price Performance

Shares of CHGG opened at $18.48 on Friday. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 5.05 and a beta of 1.14. The company has a debt-to-equity ratio of 1.06, a quick ratio of 8.24 and a current ratio of 8.24. Chegg, Inc. has a one year low of $15.25 and a one year high of $30.05. The stock’s fifty day moving average is $16.46 and its 200-day moving average is $21.65.

Chegg (NYSE:CHGG – Get Rating) last issued its quarterly earnings results on Monday, February 6th. The technology company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. The company had revenue of $205.19 million for the quarter, compared to analyst estimates of $202.10 million. Chegg had a return on equity of 6.41% and a net margin of 34.77%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.19 earnings per share. Equities analysts anticipate that Chegg, Inc. will post 0.28 EPS for the current year.

Chegg Profile

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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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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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