Congress Asset Management Co. Cuts Holdings in Stride, Inc. $LRN

Key Points

• Congress Asset Management Co. reduced its stake in Stride, Inc. by 49.8%, now holding 586,715 shares worth approximately $85.2 million after selling 583,033 shares in the second quarter.
• CEO James Jeaho Rhyu sold 13,961 shares of Stride stock in August, decreasing his ownership by 1.94%, leaving him with about 706,353 shares valued at nearly $114.9 million.
• Analysts have a consensus rating of "Moderate Buy" on Stride, with target prices ranging from $146.40 to $185.00, following a positive earnings report where the company beat estimates significantly.

Congress Asset Management Co. lowered its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 49.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 586,715 shares of the company's stock after selling 583,033 shares during the period. Congress Asset Management Co. owned 1.35% of Stride worth $85,185,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Larson Financial Group LLC raised its stake in shares of Stride by 333.3% during the 1st quarter. Larson Financial Group LLC now owns 208 shares of the company's stock worth $26,000 after acquiring an additional 160 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Stride by 140.5% during the first quarter. First Horizon Advisors Inc. now owns 267 shares of the company's stock worth $34,000 after purchasing an additional 156 shares in the last quarter. Harbour Investments Inc. lifted its holdings in shares of Stride by 374.6% during the 1st quarter. Harbour Investments Inc. now owns 337 shares of the company's stock valued at $43,000 after purchasing an additional 266 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Stride in the 1st quarter worth $43,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Stride by 62.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock worth $43,000 after purchasing an additional 131 shares in the last quarter. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Stride news, CEO James Jeaho Rhyu sold 13,961 shares of Stride stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $162.66, for a total transaction of $2,270,896.26. Following the completion of the transaction, the chief executive officer owned 706,353 shares in the company, valued at approximately $114,895,378.98. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.00% of the company's stock.

Stride Stock Performance

LRN opened at $147.38 on Friday. Stride, Inc. has a 12-month low of $63.25 and a 12-month high of $171.17. The company has a current ratio of 5.39, a quick ratio of 5.27 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $6.43 billion, a PE ratio of 24.48, a P/E/G ratio of 0.82 and a beta of 0.22. The firm has a 50 day moving average of $149.31 and a two-hundred day moving average of $143.04.

Stride (NYSE:LRN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $1.83 by $0.46. Stride had a net margin of 11.97% and a return on equity of 25.51%. The business had revenue of $653.65 million for the quarter, compared to the consensus estimate of $626.23 million. During the same period in the prior year, the firm earned $1.42 EPS. The business's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts anticipate that Stride, Inc. will post 6.67 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LRN. Morgan Stanley upped their target price on Stride from $148.00 to $159.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded shares of Stride from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Finally, Barrington Research reiterated an "outperform" rating and issued a $185.00 target price on shares of Stride in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $146.40.

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.

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