State of New Jersey Common Pension Fund D Buys 18,408 Shares of Stride, Inc. $LRN

Key Points

• State of New Jersey Common Pension Fund D increased its stake in Stride by 122.8% in the fourth quarter, buying 18,408 additional shares and bringing its total holdings to 33,403 shares worth about $2.17 million.
• Other institutional investors also added to or initiated positions in Stride, and institutions now own 98.24% of the company’s stock.
• Analysts are mixed on Stride: the consensus rating is Hold with an average price target of $109.75, even though the company recently beat quarterly EPS expectations and reported slightly higher-than-expected revenue.

State of New Jersey Common Pension Fund D lifted its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 122.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 33,403 shares of the company's stock after buying an additional 18,408 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.08% of Stride worth $2,169,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of LRN. Newbridge Financial Services Group Inc. bought a new position in Stride in the 2nd quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. lifted its position in Stride by 78.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the company's stock worth $28,000 after acquiring an additional 85 shares during the last quarter. Richardson Financial Services Inc. boosted its holdings in shares of Stride by 171.6% during the third quarter. Richardson Financial Services Inc. now owns 277 shares of the company's stock worth $41,000 after acquiring an additional 175 shares during the period. Sentry Investment Management LLC bought a new stake in shares of Stride during the third quarter worth approximately $42,000. Finally, Geneos Wealth Management Inc. grew its position in shares of 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 purchasing an additional 131 shares during the last quarter. Institutional investors and hedge funds own 98.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LRN. Barrington Research reiterated an "outperform" rating and set a $125.00 target price on shares of Stride in a research note on Thursday, April 16th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $125.00 price objective on shares of Stride in a report on Wednesday, January 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Stride in a research report on Friday, April 10th. BMO Capital Markets reissued a "market perform" rating on shares of Stride in a report on Tuesday, March 3rd. Finally, Wall Street Zen cut shares of Stride from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $109.75.

Stride Stock Down 4.1%

Shares of LRN opened at $87.88 on Friday. The company has a current ratio of 6.21, a quick ratio of 6.14 and a debt-to-equity ratio of 0.29. Stride, Inc. has a 12 month low of $60.61 and a 12 month high of $171.17. The firm's 50 day moving average is $89.99 and its 200-day moving average is $81.60. The stock has a market capitalization of $3.74 billion, a PE ratio of 13.56, a P/E/G ratio of 0.54 and a beta of 0.13.

Stride (NYSE:LRN - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $2.30 earnings per share (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 analysts' expectations of $629.69 million. Stride had a return on equity of 25.20% and a net margin of 12.15%.The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 earnings per share. Equities research analysts forecast that Stride, Inc. will post 8.15 EPS for the current year.

Stride Profile

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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