Nordea Investment Management AB Sells 14,601 Shares of Chegg, Inc. (NYSE:CHGG)

Posted by Defense World Staff on May 13th, 2023

Nordea Investment Management AB decreased its position in shares of Chegg, Inc. (NYSE:CHGG – Get Rating) by 13.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,578 shares of the technology company’s stock after selling 14,601 shares during the period. Nordea Investment Management AB owned approximately 0.07% of Chegg worth $2,285,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Chegg by 1.5% during the third quarter. Vanguard Group Inc. now owns 11,766,644 shares of the technology company’s stock valued at $247,923,000 after acquiring an additional 179,401 shares during the last quarter. Sands Capital Management LLC grew its stake in shares of Chegg by 12.9% during the third quarter. Sands Capital Management LLC now owns 5,377,528 shares of the technology company’s stock valued at $113,305,000 after buying an additional 615,280 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Chegg by 0.5% during the first quarter. Clearbridge Investments LLC now owns 2,628,689 shares of the technology company’s stock valued at $95,369,000 after buying an additional 13,278 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Chegg by 33.4% during the third 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 last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Chegg by 37.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,676,979 shares of the technology company’s stock valued at $35,334,000 after buying an additional 456,729 shares during the last quarter. Institutional investors own 92.88% of the company’s stock.

Chegg Price Performance

Shares of CHGG opened at $9.71 on Friday. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 1.18. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 24.07 and a beta of 1.15. The company has a 50 day moving average of $15.52 and a two-hundred day moving average of $20.79. Chegg, Inc. has a twelve month low of $8.72 and a twelve month high of $30.05.

Insiders Place Their Bets

In other Chegg news, CMO Esther Lem sold 5,700 shares of the firm’s 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 completion of the sale, the chief marketing officer now owns 171,300 shares of the company’s stock, valued at $2,888,118. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 completion of the sale, the chief operating officer now owns 224,637 shares of the company’s stock, valued at $3,513,322.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the chief marketing officer now directly owns 171,300 shares of the company’s stock, valued at approximately $2,888,118. The disclosure for this sale can be found here. Corporate insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CHGG shares. TheStreet cut shares of Chegg from a “c” rating to a “d+” rating in a research report on Tuesday, May 2nd. Bank of America lowered their target price on Chegg from $20.00 to $11.00 in a report on Wednesday, May 3rd. 888 reissued a “maintains” rating on shares of Chegg in a research report on Wednesday, May 3rd. KeyCorp raised Chegg from a “sector weight” rating to an “overweight” rating and set a $29.00 price target on the stock in a research report on Thursday, January 19th. Finally, Piper Sandler dropped their price target on Chegg from $17.00 to $11.00 in a research report on Tuesday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Chegg presently has an average rating of “Hold” and a consensus target price of $18.77.

Chegg Company Profile

(Get Rating)

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.