Chegg, Inc. (NYSE:CHGG) Shares Sold by Sylebra Capital LLC

Sylebra Capital LLC trimmed its position in shares of Chegg, Inc. (NYSE:CHGG) by 60.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,175,856 shares of the technology company’s stock after selling 3,268,231 shares during the quarter. Chegg makes up about 0.1% of Sylebra Capital LLC’s portfolio, making the stock its 28th biggest holding. Sylebra Capital LLC owned 2.09% of Chegg worth $3,851,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CHGG. Price T Rowe Associates Inc. MD raised its holdings in Chegg by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after purchasing an additional 4,250 shares during the period. Gladius Capital Management LP acquired a new position in shares of Chegg during the 2nd quarter worth approximately $27,000. Adero Partners LLC purchased a new position in shares of Chegg during the 2nd quarter valued at approximately $34,000. American Century Companies Inc. grew its stake in Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after acquiring an additional 11,992 shares during the period. Finally, Rhumbline Advisers increased its holdings in Chegg by 7.1% in the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after acquiring an additional 12,153 shares in the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Up 10.4 %

Chegg stock opened at $2.65 on Tuesday. Chegg, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $11.48. The firm has a 50 day moving average price of $1.83 and a 200 day moving average price of $2.39. The company has a market capitalization of $276.42 million, a PE ratio of -0.33 and a beta of 1.36. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91.

Chegg (NYSE:CHGG) last released its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same period in the previous year, the company posted ($0.07) EPS. Chegg’s revenue was down 13.5% compared to the same quarter last year. Research analysts expect that Chegg, Inc. will post 0.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Craig Hallum lowered their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, Piper Sandler dropped their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Profile

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.