Sylebra Capital LLC Sells 3,268,231 Shares of Chegg, Inc. (NYSE:CHGG)

Sylebra Capital LLC reduced its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 60.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,175,856 shares of the technology company's stock after selling 3,268,231 shares during the period. Chegg comprises 0.1% of Sylebra Capital LLC's holdings, making the stock its 28th largest position. Sylebra Capital LLC owned about 2.09% of Chegg worth $3,851,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC increased its stake in Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock valued at $6,807,000 after acquiring an additional 2,136,336 shares during the last quarter. AQR Capital Management LLC increased its stake in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock valued at $8,694,000 after purchasing an additional 2,130,998 shares in the last quarter. Millennium Management LLC increased its position in shares of Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock worth $7,019,000 after acquiring an additional 1,361,710 shares in the last quarter. Divisadero Street Capital Management LP bought a new stake in shares of Chegg during the second quarter worth about $3,501,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Chegg by 23,988.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company's stock worth $2,995,000 after acquiring an additional 943,703 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Price Performance

Shares of CHGG stock traded down $0.19 during mid-day trading on Tuesday, reaching $2.46. The stock had a trading volume of 4,263,435 shares, compared to its average volume of 3,684,824. Chegg, Inc. has a 12-month low of $1.34 and a 12-month high of $11.48. The company has a market cap of $256.60 million, a P/E ratio of -0.31 and a beta of 1.36. The business has a 50-day simple moving average of $1.84 and a 200 day simple moving average of $2.38. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG - Get Free Report) last released its quarterly earnings data 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 business had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same period in the previous year, the company posted ($0.07) EPS. The company's revenue was down 13.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Chegg, Inc. will post 0.12 earnings per share for the current year.

Analysts Set New Price Targets

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

About Chegg

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.