Sylebra Capital LLC Cuts Stock Holdings in Chegg, Inc. (NYSE:CHGG)

Sylebra Capital LLC reduced its position in shares of Chegg, Inc. (NYSE:CHGG) by 28.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,444,087 shares of the technology company’s stock after selling 2,123,173 shares during the period. Chegg accounts for about 0.6% of Sylebra Capital LLC’s holdings, making the stock its 28th biggest position. Sylebra Capital LLC owned approximately 5.33% of Chegg worth $17,203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gladius Capital Management LP bought a new position in shares of Chegg during the 2nd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC purchased a new position in Chegg in the first quarter worth $30,000. Adero Partners LLC bought a new position in Chegg in the 2nd quarter valued at $34,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Chegg during the 2nd quarter valued at $60,000. Finally, Entropy Technologies LP bought a new position in Chegg during the first quarter valued at about $90,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Craig Hallum reduced their target price on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.47.

Chegg Price Performance

Shares of NYSE:CHGG opened at $1.77 on Monday. The company has a 50 day moving average of $2.29 and a 200 day moving average of $4.03. The stock has a market cap of $180.92 million, a P/E ratio of -9.32, a P/E/G ratio of 0.58 and a beta of 1.31. Chegg, Inc. has a 12 month low of $1.63 and a 12 month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. The company had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. Chegg’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.01 earnings per share. As a group, sell-side analysts forecast that Chegg, Inc. will post 0.19 EPS for the current fiscal 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.