Park Avenue Securities LLC Acquires New Position in Stride, Inc. $LRN

Key Points

• Park Avenue Securities LLC acquired a new position in Stride, Inc. (NYSE:LRN), purchasing 6,266 shares worth approximately $910,000 in the 2nd quarter.
• Institutional investors own an impressive 98.24% of Stride's stock, indicating strong confidence from large financial entities in the company's growth.
• Stride reported earnings per share of $2.29 for the last quarter, surpassing analyst estimates and reflecting a 22.4% year-over-year revenue increase.

Park Avenue Securities LLC bought a new stake in Stride, Inc. (NYSE:LRN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,266 shares of the company's stock, valued at approximately $910,000.

A number of other hedge funds have also added to or reduced their stakes in LRN. Congress Asset Management Co. increased its position in Stride by 102.2% during the first quarter. Congress Asset Management Co. now owns 1,169,748 shares of the company's stock worth $147,973,000 after acquiring an additional 591,208 shares during the period. Swedbank AB lifted its holdings in shares of Stride by 5.4% in the first quarter. Swedbank AB now owns 1,009,726 shares of the company's stock worth $127,730,000 after buying an additional 52,000 shares in the last quarter. Deutsche Bank AG increased its position in shares of Stride by 10.4% in the first quarter. Deutsche Bank AG now owns 617,894 shares of the company's stock worth $78,164,000 after purchasing an additional 58,029 shares during the last quarter. Driehaus Capital Management LLC grew its position in Stride by 12.3% during the first quarter. Driehaus Capital Management LLC now owns 613,820 shares of the company's stock valued at $77,648,000 after acquiring an additional 67,184 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Stride by 1.3% in the first quarter. Northern Trust Corp now owns 467,774 shares of the company's stock worth $59,173,000 after acquiring an additional 5,820 shares during the period. Institutional investors own 98.24% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on LRN shares. Barrington Research restated an "outperform" rating and set a $185.00 price target on shares of Stride in a report on Tuesday, September 23rd. Wall Street Zen raised Stride from a "hold" rating to a "buy" rating in a research report on Saturday, September 20th. Finally, Morgan Stanley boosted their price target on 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $146.40.

Stride Stock Up 0.3%

Shares of LRN opened at $148.12 on Friday. 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 stock's 50 day moving average is $149.61 and its two-hundred day moving average is $143.40. The firm has a market cap of $6.46 billion, a P/E ratio of 24.60, a PEG ratio of 0.84 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 released its earnings results on Tuesday, August 5th. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $1.83 by $0.46. Stride had a return on equity of 25.51% and a net margin of 11.97%.The firm had revenue of $653.65 million during the quarter, compared to analysts' expectations of $626.23 million. During the same period in the previous year, the firm posted $1.42 EPS. Stride's revenue for the quarter was up 22.4% on a year-over-year basis. Analysts predict that Stride, Inc. will post 6.67 earnings per share for the current fiscal year.

Insider Activity at Stride

In other Stride news, CEO James Jeaho Rhyu sold 13,961 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $162.66, for a total value of $2,270,896.26. Following the completion of the sale, the chief executive officer directly owned 706,353 shares in the company, valued at $114,895,378.98. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.00% of the company's stock.

Stride 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.

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