Chegg Target of Unusually High Options Trading (CHGG)
Chegg Inc (NYSE:CHGG) was the target of unusually large options trading on Tuesday. Investors acquired 932 call options on the company. This represents an increase of 779% compared to the typical daily volume of 106 call options.
In other news, CEO Daniel Rosensweig sold 199,611 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.00, for a total transaction of $3,193,776.00. Following the sale, the chief executive officer now directly owns 2,207,689 shares in the company, valued at approximately $35,323,024. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael A. Osier sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the sale, the insider now owns 653,061 shares in the company, valued at $9,959,180.25. The disclosure for this sale can be found here. Insiders have sold a total of 659,323 shares of company stock worth $10,527,385 over the last quarter. Insiders own 20.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. TIAA CREF Investment Management LLC boosted its stake 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 valued at $2,782,000 after purchasing an additional 13,011 shares in the last quarter. Swiss National Bank boosted its stake in shares of Chegg by 30.9% during the 3rd quarter. Swiss National Bank now owns 150,100 shares of the technology company’s stock worth $2,227,000 after acquiring an additional 35,400 shares in the last quarter. Columbus Circle Investors bought a new stake in shares of Chegg during the 3rd quarter worth $14,234,000. Summit Creek Advisors LLC bought a new stake in shares of Chegg during the 3rd quarter worth $2,557,000. Finally, 1492 Capital Management LLC bought a new stake in shares of Chegg during the 3rd quarter worth $453,000.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $73.51 million during the quarter, compared to analyst estimates of $70.61 million. Chegg had a negative return on equity of 2.64% and a negative net margin of 7.95%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period last year, the company posted $0.10 EPS. equities research analysts forecast that Chegg will post 0.1 EPS for the current fiscal year.
CHGG has been the topic of several analyst reports. BMO Capital Markets restated a “buy” rating and issued a $20.00 target price on shares of Chegg in a research report on Wednesday, January 17th. Northland Securities restated a “buy” rating and issued a $20.00 target price on shares of Chegg in a research report on Tuesday, January 9th. Citigroup initiated coverage on Chegg in a research report on Monday, November 20th. They issued a “buy” rating and a $19.00 target price on the stock. BidaskClub upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, First Analysis cut Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price on the stock. in a research report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $17.09.
Chegg Company Profile
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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