Palisade Capital Management LP Buys Shares of 41,872 Stride, Inc. $LRN

Key Points

• Palisade Capital Management acquired 41,872 shares of Stride worth approximately $3.61 million, representing about 0.10% of the company. Institutional investors and hedge funds collectively own 98.24% of Stride’s stock.
• Stride’s latest quarterly results exceeded expectations, with EPS of $2.12 versus the $1.64 consensus estimate and revenue of $636.06 million. However, revenue declined 2.7% year over year.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus “Hold” rating and a target price of $109.75, compared with its recent price of $85.61.

Palisade Capital Management LP bought a new stake in Stride, Inc. (NYSE:LRN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 41,872 shares of the company's stock, valued at approximately $3,611,000. Palisade Capital Management LP owned approximately 0.10% of Stride at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Stride by 78.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the last quarter. GAMMA Investing LLC lifted its stake in Stride by 2.8% in the second quarter. GAMMA Investing LLC now owns 4,716 shares of the company's stock valued at $407,000 after acquiring an additional 128 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Stride by 62.7% in the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock valued at $43,000 after acquiring an additional 131 shares during the last quarter. Maryland State Retirement & Pension System grew its position in Stride by 2.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,338 shares of the company's stock worth $412,000 after acquiring an additional 149 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Stride during the 2nd quarter worth $25,000. 98.24% of the stock is owned by institutional investors and hedge funds.

Stride Stock Up 0.6%

Shares of NYSE:LRN opened at $85.61 on Wednesday. The company's fifty day moving average is $85.66 and its 200-day moving average is $88.38. The company has a debt-to-equity ratio of 0.29, a quick ratio of 5.81 and a current ratio of 5.94. Stride, Inc. has a 52 week low of $60.61 and a 52 week high of $171.17. The company has a market capitalization of $3.56 billion, a PE ratio of 11.89, a P/E/G ratio of 0.49 and a beta of 0.11.

Stride (NYSE:LRN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.48. Stride had a net margin of 13.43% and a return on equity of 23.49%. The business had revenue of $636.06 million during the quarter, compared to analysts' expectations of $626.52 million. During the same quarter last year, the company posted $2.29 EPS. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. Equities research analysts predict that Stride, Inc. will post 8.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LRN has been the subject of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Stride in a research note on Wednesday, July 8th. BMO Capital Markets reiterated a "market perform" rating on shares of Stride in a research note on Monday, June 15th. Finally, William Blair lowered Stride from an "outperform" rating to a "market perform" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $109.75.

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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