Allspring Global Investments Holdings LLC Reduces Stock Holdings in Stride, Inc. $LRN

Key Points

• Allspring Global Investments Holdings LLC reduced its stakes in Stride, Inc. by 95.0%, selling 138,578 shares during the 2nd quarter and now holding only 7,239 shares worth approximately $1,025,000.
• Stride's recent quarterly earnings revealed an EPS of $2.29, surpassing analysts' estimates of $1.83, while the company's revenue increased by 22.4% year-over-year to $653.65 million.
• Institutional investors now own 98.24% of Stride's stock, with significant investments from firms like Nuveen LLC and Fiera Capital Corp in the first quarter.

Allspring Global Investments Holdings LLC trimmed its position in Stride, Inc. (NYSE:LRN - Free Report) by 95.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,239 shares of the company's stock after selling 138,578 shares during the period. Allspring Global Investments Holdings LLC's holdings in Stride were worth $1,025,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Stride in the first quarter worth about $38,835,000. Fiera Capital Corp bought a new position in shares of Stride in the first quarter worth about $29,526,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Stride by 657.1% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 174,900 shares of the company's stock worth $25,394,000 after buying an additional 151,800 shares during the period. Candriam S.C.A. raised its stake in shares of Stride by 214.2% in the first quarter. Candriam S.C.A. now owns 189,143 shares of the company's stock worth $23,927,000 after buying an additional 128,947 shares during the period. Finally, CW Advisors LLC raised its stake in shares of Stride by 89.5% in the first quarter. CW Advisors LLC now owns 161,458 shares of the company's stock worth $20,424,000 after buying an additional 76,260 shares during the period. 98.24% of the stock is owned by hedge funds and other institutional investors.

Stride Stock Performance

NYSE:LRN opened at $152.31 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.39 and a quick ratio of 5.27. Stride, Inc. has a 1 year low of $82.86 and a 1 year high of $171.17. The stock's 50 day simple moving average is $152.79 and its two-hundred day simple moving average is $145.85. The company has a market cap of $6.65 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 0.86 and a beta of 0.07.

Stride (NYSE:LRN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.83 by $0.46. Stride had a return on equity of 25.51% and a net margin of 11.97%.The business had revenue of $653.65 million for the quarter, compared to the consensus estimate of $626.23 million. During the same quarter in the previous year, the company posted $1.42 EPS. The company's revenue was up 22.4% compared to the same quarter last year. As a group, equities analysts anticipate that Stride, Inc. will post 6.67 earnings per share for the current fiscal year.

Insider Transactions at Stride

In other Stride news, CEO James Jeaho Rhyu sold 13,961 shares of Stride stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $162.66, for a total value of $2,270,896.26. Following the sale, the chief executive officer owned 706,353 shares of the company's stock, valued at $114,895,378.98. The trade was a 1.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on LRN. Morgan Stanley raised their price objective on Stride from $148.00 to $159.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Wall Street Zen downgraded Stride from a "buy" rating to a "hold" rating in a research note on Saturday, October 4th. Barrington Research reissued an "outperform" rating and set a $185.00 target price on shares of Stride in a research note on Tuesday, September 23rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Stride in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Stride currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.40.

Stride Company Profile

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.

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