Jennison Associates LLC Buys New Stake in Stride, Inc. $LRN

Key Points

• Jennison Associates LLC opened a new position in Stride (NYSE:LRN) in the fourth quarter, buying 15,216 shares worth about $988,000.
• Multiple institutions also adjusted stakes—most notably UBS AM added 32,470 shares to hold 134,455 shares—and institutional investors now own about 98.24% of the company.
• Analyst sentiment is mixed with a consensus "Hold" rating and an average target of $109.75; Stride recently beat quarterly EPS estimates ($2.30 vs. $2.21) and has a market cap of about $3.96 billion (P/E 14.37).

Jennison Associates LLC bought a new stake in shares of Stride, Inc. (NYSE:LRN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 15,216 shares of the company's stock, valued at approximately $988,000.

A number of other institutional investors also recently added to or reduced their stakes in LRN. AQR Capital Management LLC increased its holdings in shares of Stride by 67.3% during the first quarter. AQR Capital Management LLC now owns 28,547 shares of the company's stock valued at $3,611,000 after purchasing an additional 11,481 shares during the period. NewEdge Advisors LLC lifted its holdings in Stride by 80.9% in the first quarter. NewEdge Advisors LLC now owns 5,124 shares of the company's stock worth $648,000 after purchasing an additional 2,291 shares during the period. Empowered Funds LLC grew its position in Stride by 12.4% in the 1st quarter. Empowered Funds LLC now owns 18,202 shares of the company's stock valued at $2,303,000 after buying an additional 2,008 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Stride by 31.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 134,455 shares of the company's stock valued at $17,009,000 after buying an additional 32,470 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Stride by 62.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock valued at $43,000 after buying an additional 131 shares during the period. Institutional investors and hedge funds own 98.24% of the company's stock.

Analyst Upgrades and Downgrades

LRN has been the topic of a number of recent analyst reports. BMO Capital Markets restated a "market perform" rating on shares of Stride in a research report on Tuesday, March 3rd. Wall Street Zen lowered shares of Stride from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Stride in a report on Friday, April 10th. Canaccord Genuity Group restated a "buy" rating and issued a $125.00 target price on shares of Stride in a research report on Wednesday, January 28th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $125.00 price target on shares of Stride in a research note on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $109.75.

Stride Stock Performance

Shares of LRN opened at $93.13 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.21 and a quick ratio of 6.14. The firm's 50 day moving average is $89.34 and its 200-day moving average is $82.68. Stride, Inc. has a 12-month low of $60.61 and a 12-month high of $171.17. The stock has a market capitalization of $3.96 billion, a P/E ratio of 14.37, a P/E/G ratio of 0.57 and a beta of 0.13.

Stride (NYSE:LRN - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $2.30 EPS for the quarter, beating the consensus estimate of $2.21 by $0.09. The business had revenue of $629.87 million during the quarter, compared to analyst estimates of $629.69 million. Stride had a net margin of 12.15% and a return on equity of 25.20%. The business's quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.02 earnings per share. Equities research analysts anticipate that Stride, Inc. will post 8.15 EPS for the current fiscal year.

About Stride

Stride, Inc NYSE: LRN is a technology-driven education company that designs and delivers online learning solutions for students and adult learners. Through long-term partnerships with state-authorized public school districts, Stride operates virtual academies that serve K-12 students across the United States. The company's blended-learning model combines digital curriculum, live teaching support and data analytics to personalize instruction and monitor student progress.

In addition to its K-12 offerings, Stride provides a portfolio of career and workforce readiness programs under its Stride Career Prep division.

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