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

Sylebra Capital LLC lessened its stake in Chegg, Inc. (NYSE:CHGG) by 19.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,567,260 shares of the technology company’s stock after selling 1,843,567 shares during the quarter. Chegg makes up approximately 1.9% of Sylebra Capital LLC’s portfolio, making the stock its 15th biggest holding. Sylebra Capital LLC owned 0.07% of Chegg worth $57,284,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC increased its stake in shares of Chegg by 4.5% in the fourth quarter. SG Americas Securities LLC now owns 51,205 shares of the technology company’s stock worth $582,000 after purchasing an additional 2,216 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Chegg by 6.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 41,595 shares of the technology company’s stock valued at $473,000 after buying an additional 2,500 shares in the last quarter. Banco Santander S.A. raised its holdings in Chegg by 3.8% during the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock valued at $770,000 after acquiring an additional 3,760 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the first quarter worth $30,000. Finally, Headlands Technologies LLC bought a new position in shares of Chegg in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Analyst Ratings Changes

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

Chegg Trading Down 1.2 %

CHGG stock traded down $0.04 during trading on Tuesday, hitting $3.40. 2,791,265 shares of the company traded hands, compared to its average volume of 3,435,956. The firm has a market capitalization of $347.55 million, a PE ratio of -17.89, a P/E/G ratio of 0.62 and a beta of 1.35. Chegg, Inc. has a 1 year low of $2.53 and a 1 year high of $13.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The company has a 50-day moving average of $3.26 and a 200-day moving average of $6.18.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The firm had revenue of $174.35 million during 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%. Analysts predict that Chegg, Inc. will post 0.28 earnings per share for the current fiscal year.

Chegg Company 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.