Allspring Global Investments Holdings LLC Cuts Stake in Adtalem Global Education Inc. (NYSE:ATGE)

Allspring Global Investments Holdings LLC lessened its stake in shares of Adtalem Global Education Inc. (NYSE:ATGE - Free Report) by 28.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,907 shares of the company's stock after selling 23,711 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.16% of Adtalem Global Education worth $6,029,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Boston Partners purchased a new stake in Adtalem Global Education in the fourth quarter worth approximately $35,990,000. GAMMA Investing LLC boosted its stake in Adtalem Global Education by 11,723.8% in the first quarter. GAMMA Investing LLC now owns 173,101 shares of the company's stock worth $17,421,000 after buying an additional 171,637 shares in the last quarter. Neumeier Poma Investment Counsel LLC lifted its position in Adtalem Global Education by 59.2% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 405,530 shares of the company's stock valued at $36,842,000 after purchasing an additional 150,835 shares during the last quarter. Westport Asset Management Inc. bought a new stake in Adtalem Global Education in the fourth quarter valued at approximately $11,425,000. Finally, Norges Bank bought a new stake in Adtalem Global Education in the fourth quarter valued at approximately $11,157,000. Hedge funds and other institutional investors own 98.84% of the company's stock.

Insider Activity at Adtalem Global Education

In other news, Director William W. Burke sold 2,291 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $128.35, for a total value of $294,049.85. Following the sale, the director directly owned 9,368 shares of the company's stock, valued at approximately $1,202,382.80. This represents a 19.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on ATGE. Wall Street Zen downgraded Adtalem Global Education from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 18th. Jefferies Financial Group began coverage on Adtalem Global Education in a report on Wednesday, April 23rd. They set a "buy" rating and a $135.00 target price for the company. BMO Capital Markets upped their target price on Adtalem Global Education from $115.00 to $132.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Finally, Barrington Research upped their target price on Adtalem Global Education from $120.00 to $140.00 and gave the company an "outperform" rating in a report on Friday, May 9th.

Adtalem Global Education Price Performance

ATGE stock remained flat at $120.00 during midday trading on Wednesday. The company had a trading volume of 258,714 shares, compared to its average volume of 446,485. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 1.07 and a beta of 0.90. The stock's 50-day moving average price is $125.23 and its 200-day moving average price is $108.67. Adtalem Global Education Inc. has a 12 month low of $67.00 and a 12 month high of $140.12. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39.

Adtalem Global Education (NYSE:ATGE - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.29. The company had revenue of $466.06 million for the quarter, compared to analysts' expectations of $447.19 million. Adtalem Global Education had a return on equity of 17.47% and a net margin of 13.34%. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 earnings per share. Research analysts predict that Adtalem Global Education Inc. will post 6.2 earnings per share for the current year.

Adtalem Global Education announced that its board has approved a share repurchase program on Tuesday, May 6th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Adtalem Global Education Profile

Adtalem Global Education Inc provides workforce solutions worldwide. It operates through three segments, Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment offers degree and non-degree programs in the nursing and health professions postsecondary education industry. This segment operates Chamberlain University.