Sylebra Capital LLC Decreases Stake in Chegg, Inc. (NYSE:CHGG)

Sylebra Capital LLC cut its position in Chegg, Inc. (NYSE:CHGG) by 60.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,175,856 shares of the technology company’s stock after selling 3,268,231 shares during the period. Chegg accounts for 0.1% of Sylebra Capital LLC’s investment portfolio, making the stock its 28th largest holding. Sylebra Capital LLC’s holdings in Chegg were worth $3,851,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Gladius Capital Management LP purchased a new position in Chegg in the second quarter valued at $27,000. Adero Partners LLC acquired a new position in shares of Chegg during the 2nd quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Chegg by 272.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after acquiring an additional 18,320 shares in the last quarter. Intech Investment Management LLC acquired a new position in Chegg in the third quarter valued at approximately $56,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Chegg during the 2nd quarter worth approximately $60,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Up 10.4 %

Shares of NYSE:CHGG opened at $2.65 on Tuesday. Chegg, Inc. has a 12-month low of $1.34 and a 12-month high of $11.48. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm has a market cap of $276.42 million, a PE ratio of -0.33 and a beta of 1.36. The company has a fifty day simple moving average of $1.83 and a 200 day simple moving average of $2.39.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. On average, equities research analysts anticipate that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Analyst Ratings Changes

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