Jennison Associates LLC Makes New Investment in Stride, Inc. (NYSE:LRN)

Jennison Associates LLC acquired a new stake in Stride, Inc. (NYSE:LRN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,238 shares of the company's stock, valued at approximately $789,000.

A number of other hedge funds have also modified their holdings of LRN. Congress Asset Management Co. increased its holdings in shares of Stride by 102.2% in the first quarter. Congress Asset Management Co. now owns 1,169,748 shares of the company's stock valued at $147,973,000 after purchasing an additional 591,208 shares during the period. Norges Bank purchased a new stake in shares of Stride in the fourth quarter worth about $45,306,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Stride by 783.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 453,139 shares of the company's stock worth $47,095,000 after buying an additional 401,838 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Stride by 14,892.4% in the first quarter. GAMMA Investing LLC now owns 370,013 shares of the company's stock worth $46,807,000 after buying an additional 367,545 shares during the last quarter. Finally, Cat Rock Capital Management LP purchased a new stake in shares of Stride in the fourth quarter worth about $36,694,000. 98.24% of the stock is owned by institutional investors and hedge funds.

Stride Stock Down 0.9%

NYSE LRN traded down $1.22 during trading on Thursday, reaching $129.50. 188,476 shares of the company's stock were exchanged, compared to its average volume of 777,471. Stride, Inc. has a 1 year low of $63.25 and a 1 year high of $162.30. The company has a debt-to-equity ratio of 0.33, a quick ratio of 5.53 and a current ratio of 5.61. The stock has a market cap of $5.64 billion, a P/E ratio of 20.20, a price-to-earnings-growth ratio of 0.84 and a beta of 0.32. The company has a 50 day moving average price of $143.46 and a two-hundred day moving average price of $135.79.

Stride (NYSE:LRN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $2.02 EPS for the quarter, missing the consensus estimate of $2.09 by ($0.07). The company had revenue of $613.38 million for the quarter, compared to analysts' expectations of $591.15 million. Stride had a net margin of 13.10% and a return on equity of 23.36%. The firm's revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.60 earnings per share. On average, equities research analysts anticipate that Stride, Inc. will post 6.67 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on LRN shares. William Blair reiterated an "outperform" rating on shares of Stride in a research report on Wednesday, April 30th. Canaccord Genuity Group raised their target price on Stride from $145.00 to $155.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Barrington Research reaffirmed an "outperform" rating and issued a $170.00 price objective on shares of Stride in a research note on Thursday. BMO Capital Markets reaffirmed an "outperform" rating on shares of Stride in a research note on Thursday, May 1st. Finally, Wall Street Zen raised Stride from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $126.83.

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.