Principal Financial Group Inc. Boosts Holdings in Stride, Inc. $LRN

Key Points

• Principal Financial Group increased its stake in Stride by 40.8% in the first quarter, buying 299,756 additional shares and bringing its total holding to 1,034,047 shares valued at about $91.2 million.
• Stride reported better-than-expected quarterly results, posting EPS of $2.30 versus $2.21 expected and revenue of $629.87 million, up 2.7% year over year.
• Despite the earnings beat, Stride stock fell 3.6%; analysts are mixed on the name with an overall Hold rating and a consensus price target of $109.75.

Principal Financial Group Inc. boosted its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 40.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,034,047 shares of the company's stock after purchasing an additional 299,756 shares during the period. Principal Financial Group Inc. owned approximately 2.43% of Stride worth $91,172,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC boosted its stake in shares of Stride by 67.3% in the first quarter. AQR Capital Management LLC now owns 28,547 shares of the company's stock worth $3,611,000 after buying an additional 11,481 shares during the last quarter. 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 valued at $648,000 after acquiring an additional 2,291 shares during the period. Empowered Funds LLC boosted its position in Stride by 12.4% in the 1st quarter. Empowered Funds LLC now owns 18,202 shares of the company's stock worth $2,303,000 after purchasing an additional 2,008 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 worth $17,009,000 after purchasing an additional 32,470 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Stride by 62.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock worth $43,000 after purchasing an additional 131 shares during the period. Hedge funds and other institutional investors own 98.24% of the company's stock.

Stride Stock Down 3.6%

LRN opened at $83.79 on Thursday. The company has a market cap of $3.56 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.49 and a beta of 0.10. Stride, Inc. has a twelve month low of $60.61 and a twelve month high of $171.17. The company has a 50-day moving average price of $90.08 and a 200 day moving average price of $85.87. The company has a quick ratio of 6.14, a current ratio of 6.21 and a debt-to-equity ratio of 0.29.

Stride (NYSE:LRN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.09. Stride had a return on equity of 25.20% and a net margin of 12.15%.The company had revenue of $629.87 million for the quarter, compared to analysts' expectations of $629.69 million. During the same period in the previous year, the firm posted $2.02 EPS. Stride's revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Stride, Inc. will post 8.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Barrington Research reiterated an "outperform" rating and issued a $125.00 target price on shares of Stride in a research note on Thursday, April 16th. William Blair restated an "outperform" rating on shares of Stride in a research report on Monday, June 15th. BMO Capital Markets reiterated a "market perform" rating on shares of Stride in a research report on Monday, June 15th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Stride in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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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