NorthCrest Asset Manangement LLC Reduces Holdings in Stride, Inc. $LRN

Key Points

• NorthCrest Asset Management LLC reduced its holdings in Stride, Inc. by 24% during the second quarter, now owning approximately $1.65 million in shares after selling 3,750 shares.
• Stride, Inc. has demonstrated significant growth, with a revenue increase of 22.4% year-over-year, reporting $653.65 million for the most recent quarter.
• Analysts have upgraded Stride's stock rating from "hold" to "buy", anticipating a target price increase to $185.00 as several brokerages raise their price objectives.

NorthCrest Asset Manangement LLC decreased its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 24.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,905 shares of the company's stock after selling 3,750 shares during the period. NorthCrest Asset Manangement LLC's holdings in Stride were worth $1,650,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of LRN. Two Sigma Investments LP boosted its holdings in Stride by 327.0% during the 4th quarter. Two Sigma Investments LP now owns 60,209 shares of the company's stock worth $6,258,000 after acquiring an additional 46,109 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Stride by 165.5% during the fourth quarter. Squarepoint Ops LLC now owns 134,598 shares of the company's stock worth $13,989,000 after purchasing an additional 83,898 shares during the last quarter. Vident Advisory LLC bought a new stake in Stride in the 4th quarter worth about $297,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Stride by 0.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 101,985 shares of the company's stock valued at $10,599,000 after buying an additional 383 shares during the last quarter. Finally, Pacific Point Advisors LLC purchased a new stake in Stride in the 4th quarter valued at about $208,000. 98.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Stride

In related news, CEO James Jeaho Rhyu sold 13,961 shares of the business's 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 directly owned 706,353 shares in the company, valued at $114,895,378.98. The trade was a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.00% of the company's stock.

Stride Price Performance

NYSE:LRN traded up $1.36 during mid-day trading on Monday, hitting $143.07. 387,364 shares of the stock traded hands, compared to its average volume of 778,274. The business's 50-day moving average price is $148.46 and its 200 day moving average price is $142.71. The company has a quick ratio of 5.27, a current ratio of 5.39 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.24 billion, a PE ratio of 23.73, a price-to-earnings-growth ratio of 0.83 and a beta of 0.22. Stride, Inc. has a 12-month low of $63.25 and a 12-month high of $171.17.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LRN shares. Barrington Research upped their target price on Stride from $170.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Wall Street Zen raised Stride from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Morgan Stanley boosted their price target on shares of Stride from $148.00 to $159.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.