Envestnet Asset Management Inc. has increased its holdings in Chegg, Inc. by 13.2% in the last quarter. As reported in their most recent disclosure with the Securities and Exchange Commission (SEC), Envestnet currently owns 151,420 shares of the technology firm’s stock worth a total value of $3,826,000, after acquiring an additional 17,661 shares during said period. This equates to roughly a 0.12% ownership of Chegg – an educational platform that provides students access to required and non-required scholastic materials including textbooks in various formats, online homework help and textbook solutions systems, course organization and scheduling services as well as college and university matching tools with scholarship connections — as detailed by their website.
Established initially for academia purposes only, Chegg has since grown to become one of the foremost educational hubs offering exclusive learning resources catered towards up-and-coming learners all across the nation. The company’s main objective is to empower students to take control of their education while helping them achieve their academic goals along the way.
In another update involving Chegg; Chief Marketing Officer Esther Lem recently sold off 5,700 shares on March 6th using average pricing at $16.86 per share – equivalenting to a staggering cumulative amount of $96,102 in monetary value. Following this transaction，Lem now holds roughly over 171,300 shares valued at approximately $2,8888,118 within the marketplace.
Moreover，COO Nathan J.Schultz exchanged hands with up-to-date indices after selling off around 4,041 acquired stocks – whose aggregate total climbed up high on Thursday; March 2nd at an average price of $15.64 per individual share . Schultz presently retains upwards of 224k plus stocks directly under his name；whose stakes have amounted to approximately $3，513，322．68 . This information was discussed in a form filed under the American Securities & Exchange Commission which is available for review online. In fact, Chegg reported that corporate insiders own 2.25% of the company’s stock as of press time, leaving investors acquisitive over any future prospects regarding successful asset management growth opportunities especially during uncertain times such as those we currently face.
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Tech Company Chegg (CHGG) Draws Increased Interest from Institutional Investors Amid Fluctuating Ratings and Market Volatility
Institutional investors have recently been ramping up activity surrounding tech company, Chegg (CHGG). Wipfli Financial Advisors LLC recently bought a new stake in the company during Q3 2022 worth approximately $36k. Alongside this, Captrust Financial Advisors increased its position in Chegg by 79.6% during Q1 2023. In addition, Harvest Fund Management Co. Ltd boosted its stake by an incredible 20,880.0% during Q4 2022 and now owns over 4,000 shares of CHGG stock. Meanwhile, Rockefeller Capital Management L.P has increased its holding by around 149.6%. Finally, Counterpoint Mutual Funds LLC obtained a new position in the fourth quarter of 2022 valued at $146k. All these investments amount to hedge funds and other institutional investors owning approximately 92.88% of CHGG’s stock.
Shares in Chgg initially opened at $9.66 on Tuesday May 16th of that year; the twelve-month low was reported as $8.72 and the twelve-month high as $30.05 while having a market capitalization of $1.16 billion.
The tech firm has received positive ratings from recent equities research analysts such as KeyCorp raising their rating from ‘sector weight’ to ‘overweight,’ giving the company a target price of $29 for its shares; however, Jefferies Financial Group has cut their rating for the stock from “buy” to “hold,” decreasing their predicted price per share from $25 to just $11.
As Chegg continues to capture interest while simultaneously receiving mixed ratings following fluctuating changes within the market marginally tempered by external events such as Covid-19, it raises questions about whether investors should consider buying or selling shares in this particular technology company due to inherent volatility within today’s market conditions, particularly with long-term forecasts employing limited certainty.
