Canada Pension Plan Investment Board Reduces Holdings in Stride, Inc. (NYSE:LRN)

Canada Pension Plan Investment Board reduced its holdings in shares of Stride, Inc. (NYSE:LRN - Free Report) by 66.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,500 shares of the company's stock after selling 17,200 shares during the quarter. Canada Pension Plan Investment Board's holdings in Stride were worth $883,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of LRN. Asset Management One Co. Ltd. purchased a new stake in Stride during the 4th quarter worth about $5,696,000. Congress Asset Management Co. lifted its holdings in shares of Stride by 8.2% in the fourth quarter. Congress Asset Management Co. now owns 578,540 shares of the company's stock worth $60,128,000 after buying an additional 43,829 shares in the last quarter. Aigen Investment Management LP bought a new position in shares of Stride in the fourth quarter valued at approximately $995,000. Truist Financial Corp purchased a new position in Stride during the fourth quarter valued at approximately $302,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Stride by 61.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 190,431 shares of the company's stock worth $20,250,000 after acquiring an additional 72,518 shares during the period. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LRN shares. Canaccord Genuity Group boosted their price target on shares of Stride from $145.00 to $155.00 and gave the company a "buy" rating in a research report on Monday. BMO Capital Markets boosted their target price on Stride from $134.00 to $139.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. William Blair reaffirmed an "outperform" rating on shares of Stride in a report on Wednesday. Finally, Barrington Research upped their price objective on shares of Stride from $150.00 to $170.00 and gave the stock an "outperform" rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $126.83.

Stride Price Performance

NYSE LRN traded down $0.35 on Wednesday, reaching $142.24. 2,094,239 shares of the company's stock traded hands, compared to its average volume of 829,387. Stride, Inc. has a 12 month low of $63.25 and a 12 month high of $148.03. The stock has a market cap of $6.19 billion, a PE ratio of 23.75, a P/E/G ratio of 1.04 and a beta of 0.47. The stock has a 50-day simple moving average of $130.86 and a 200 day simple moving average of $116.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 6.02 and a quick ratio of 5.93.

Stride (NYSE:LRN - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $2.02 earnings per share for the quarter, missing the consensus estimate of $2.09 by ($0.07). Stride had a net margin of 12.30% and a return on equity of 22.42%. The company had revenue of $613.38 million for the quarter, compared to analysts' expectations of $591.15 million. During the same quarter in the prior year, the company earned $1.60 earnings per share. The company's revenue was up 17.8% compared to the same quarter last year. As a group, research analysts predict that Stride, Inc. will post 6.67 earnings per share for the current year.

About Stride

Stride, Inc, a technology-based education service company, engages in the provision of proprietary and third-party online curriculum, software systems, and educational services in the United States and internationally. Its technology-based products and services enable clients to attract, enroll, educate, track progress, support, and facilitate individualized learning for students.