Foundation Capital Exits Position in Chegg Inc (CHGG)

Chegg Inc (CHGG) : Foundation Capital has sold out all of its stake in Chegg Inc during the most recent quarter, according to the disclosure filed by the company on Aug 2, 2016 with the SEC. The investment management company has sold out 1,500,208 shares of Chegg Inc which is valued at $9,451,310.

Other Hedge Funds, Including , Edge Wealth Management added CHGG to its portfolio by purchasing 31,000 company shares during the most recent quarter which is valued at $163,990. Chegg Inc makes up approx 0.07% of Edge Wealth Management’s portfolio.

Chegg Inc opened for trading at $6.59 and hit $6.75 on the upside on Monday, eventually ending the session at $6.73, with a gain of 1.97% or 0.13 points. The heightened volatility saw the trading volume jump to 4,25,558 shares. Company has a market cap of $613 M.

On the company’s financial health, Chegg Inc reported $0.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.03. The company had revenue of $53.03 million for the quarter, compared to analysts expectations of $49.73 million. The company’s revenue was down -20.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.01 EPS.

Many Wall Street Analysts have commented on Chegg Inc. Company shares were Reiterated by Piper Jaffray on Aug 2, 2016 to “Overweight”, Firm has raised the Price Target to $ 7 from a previous price target of $6 .

Chegg Inc. is a student-first connected learning platform. The Company offer textbooks and from digital offerings. Digital offerings primarily include Student Hub the Company’s connected learning platform its Web-based multiplatform eTextbook Reader eTextbooks and supplemental materials from approximately 120 publishers online tutoring its Chegg Study service College Admissions Scholarship Services and internship services. The Company sources print textbooks eTextbooks and supplemental materials publishers in the United States including Pearson Cengage Learning McGraw Hill Wiley and MacMillan. In addition the Company also offers enrollment marketing services to colleges. The Company also works with brands such as Adobe Dell Microsoft PayPal Proctor & Gamble Red Bull and Shutterfly to provide students with discounts promotions and other products that based on student feedback.

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