Sylebra Capital LLC Sells 1,843,567 Shares of Chegg, Inc. (NYSE:CHGG)

Sylebra Capital LLC trimmed its stake in shares of Chegg, Inc. (NYSE:CHGG) by 19.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,567,260 shares of the technology company’s stock after selling 1,843,567 shares during the period. Chegg makes up about 1.9% of Sylebra Capital LLC’s investment portfolio, making the stock its 15th biggest position. Sylebra Capital LLC owned approximately 7.40% of Chegg worth $57,284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Jump Financial LLC raised its holdings in Chegg by 64.8% during the 4th quarter. Jump Financial LLC now owns 48,200 shares of the technology company’s stock worth $548,000 after purchasing an additional 18,944 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Chegg in the first quarter valued at approximately $1,950,000. Susquehanna Fundamental Investments LLC acquired a new position in Chegg in the first quarter valued at approximately $2,599,000. Harber Asset Management LLC bought a new position in Chegg in the fourth quarter valued at approximately $2,927,000. Finally, BNP Paribas Financial Markets grew its holdings in Chegg by 221.5% during the 4th quarter. BNP Paribas Financial Markets now owns 572,918 shares of the technology company’s stock worth $6,508,000 after acquiring an additional 394,714 shares during the period. 95.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group lowered Chegg from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $7.00 to $4.00 in a research report on Tuesday, April 30th. Morgan Stanley upgraded Chegg from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $6.50 to $3.25 in a research report on Tuesday, July 16th. Piper Sandler reiterated an “underweight” rating and issued a $6.00 price target (down from $8.50) on shares of Chegg in a research report on Tuesday, April 30th. Craig Hallum restated a “hold” rating and set a $7.00 price objective (down previously from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday, June 18th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.84.

Chegg Stock Down 1.2 %

CHGG stock traded down $0.04 during midday trading on Tuesday, hitting $3.40. The company’s stock had a trading volume of 2,791,265 shares, compared to its average volume of 3,435,956. The company’s fifty day moving average price is $3.26 and its 200 day moving average price is $6.18. Chegg, Inc. has a twelve month low of $2.53 and a twelve month high of $13.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $347.55 million, a P/E ratio of -17.89, a PEG ratio of 0.62 and a beta of 1.35.

Chegg (NYSE:CHGG) last released its earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $174.35 million for the quarter, compared to the consensus estimate of $174.05 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. As a group, equities research analysts predict that Chegg, Inc. will post 0.28 EPS for the current year.

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.