Sylebra Hk Co Ltd Lowers stake in Chegg Inc (CHGG)

Chegg Inc (CHGG) : Sylebra Hk Co Ltd reduced its stake in Chegg Inc by 5.51% during the most recent quarter end. The investment management company now holds a total of 5,737,392 shares of Chegg Inc which is valued at $39,358,509 after selling 334,488 shares in Chegg Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Chegg Inc makes up approximately 3.28% of Sylebra Hk Co Ltd’s portfolio.

Other Hedge Funds, Including , Cubist Systematic Strategies sold out all of its stake in CHGG during the most recent quarter. The investment firm sold 18,625 shares of CHGG which is valued $127,768. Simcoe Capital Management sold out all of its stake in CHGG during the most recent quarter. The investment firm sold 350,000 shares of CHGG which is valued $2,401,000. S Squared Technology added CHGG to its portfolio by purchasing 285,762 company shares during the most recent quarter which is valued at $1,960,327. Chegg Inc makes up approx 1.96% of S Squared Technology’s portfolio. Hood River Capital Management added CHGG to its portfolio by purchasing 925,092 company shares during the most recent quarter which is valued at $4,986,246. Chegg Inc makes up approx 0.60% of Hood River Capital Management’s portfolio.

Chegg Inc opened for trading at $6.72 and hit $6.7858 on the upside on Thursday, eventually ending the session at $6.75, with a gain of 0.30% or 0.02 points. The heightened volatility saw the trading volume jump to 2,60,800 shares. Company has a market cap of $614 M.

On the company’s financial health, Chegg Inc reported $0.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.03. The company had revenue of $53.03 million for the quarter, compared to analysts expectations of $49.73 million. The company’s revenue was down -20.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.01 EPS.

Many Wall Street Analysts have commented on Chegg Inc. Company shares were Reiterated by Piper Jaffray on Aug 2, 2016 to “Overweight”, Firm has raised the Price Target to $ 7 from a previous price target of $6 .

Chegg Inc. is a student-first connected learning platform. The Company offer textbooks and from digital offerings. Digital offerings primarily include Student Hub the Company’s connected learning platform its Web-based multiplatform eTextbook Reader eTextbooks and supplemental materials from approximately 120 publishers online tutoring its Chegg Study service College Admissions Scholarship Services and internship services. The Company sources print textbooks eTextbooks and supplemental materials publishers in the United States including Pearson Cengage Learning McGraw Hill Wiley and MacMillan. In addition the Company also offers enrollment marketing services to colleges. The Company also works with brands such as Adobe Dell Microsoft PayPal Proctor & Gamble Red Bull and Shutterfly to provide students with discounts promotions and other products that based on student feedback.

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