Chegg, Inc. (NYSE:CHGG) Shares Sold by Spouting Rock Asset Management LLC

Spouting Rock Asset Management LLC lowered its position in shares of Chegg, Inc. (NYSE:CHGGGet Rating) by 10.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,554 shares of the technology company’s stock after selling 1,576 shares during the quarter. Spouting Rock Asset Management LLC’s holdings in Chegg were worth $416,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CHGG. Quadrant Capital Group LLC grew its holdings in shares of Chegg by 2,703.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,486 shares of the technology company’s stock valued at $46,000 after buying an additional 1,433 shares during the period. Signaturefd LLC lifted its position in Chegg by 501.9% in the 4th quarter. Signaturefd LLC now owns 3,202 shares of the technology company’s stock valued at $98,000 after acquiring an additional 2,670 shares in the last quarter. CastleArk Alternatives LLC bought a new stake in shares of Chegg in the 3rd quarter worth approximately $147,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Chegg by 115.3% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,827 shares of the technology company’s stock valued at $148,000 after purchasing an additional 2,585 shares in the last quarter. Finally, Van ECK Associates Corp bought a new stake in Chegg in the fourth quarter worth $150,000.

NYSE:CHGG traded up $1.24 during mid-day trading on Thursday, reaching $17.70. The stock had a trading volume of 4,203,215 shares, compared to its average volume of 4,135,152. The stock has a market capitalization of $2.23 billion, a P/E ratio of 40.11, a P/E/G ratio of 4.21 and a beta of 1.11. The firm has a 50 day moving average price of $30.08 and a two-hundred day moving average price of $30.50. Chegg, Inc. has a one year low of $15.66 and a one year high of $90.50. The company has a debt-to-equity ratio of 2.08, a quick ratio of 14.19 and a current ratio of 8.02.

Chegg (NYSE:CHGGGet Rating) last announced its quarterly earnings results on Monday, May 2nd. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.08. Chegg had a return on equity of 8.71% and a net margin of 8.90%. During the same period in the prior year, the firm posted $0.13 EPS. Research analysts forecast that Chegg, Inc. will post 0.23 earnings per share for the current year.

CHGG has been the subject of several analyst reports. Barrington Research lowered their target price on shares of Chegg from $40.00 to $25.00 in a report on Tuesday, May 3rd. KeyCorp downgraded Chegg from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 12th. Morgan Stanley decreased their target price on Chegg from $37.00 to $20.00 in a report on Tuesday, May 3rd. Zacks Investment Research raised Chegg from a “sell” rating to a “hold” rating in a research note on Friday, February 11th. Finally, BMO Capital Markets lowered their target price on Chegg from $38.00 to $22.00 in a report on Tuesday, May 3rd. Thirteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.91.

About Chegg (Get Rating)

Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.

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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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