Public Sector Pension Investment Board Purchases 47,354 Shares of Stride, Inc. (NYSE:LRN)

Key Points

• Public Sector Pension Investment Board increased its stake in Stride, Inc. by 44.3%, owning 154,172 shares valued at approximately $19.5 million as of the latest SEC filing.
• Several hedge funds notably boosted their holdings in Stride, with Larson Financial Group and Harbour Investments increasing their stakes by 333.3% and 374.6% respectively during the first quarter.
• Stride, Inc. reported earnings per share of $2.29, exceeding analysts' expectations, while its revenue was up 22.4% year-over-year, indicating strong financial performance.

Public Sector Pension Investment Board boosted its holdings in Stride, Inc. (NYSE:LRN - Free Report) by 44.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 154,172 shares of the company's stock after buying an additional 47,354 shares during the quarter. Public Sector Pension Investment Board owned 0.35% of Stride worth $19,503,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Congress Asset Management Co. boosted its stake in Stride by 102.2% in the 1st quarter. Congress Asset Management Co. now owns 1,169,748 shares of the company's stock worth $147,973,000 after purchasing an additional 591,208 shares during the period. GAMMA Investing LLC boosted its stake in Stride by 14,892.4% in the 1st quarter. GAMMA Investing LLC now owns 370,013 shares of the company's stock worth $46,807,000 after purchasing an additional 367,545 shares during the period. Cat Rock Capital Management LP acquired a new position in Stride in the 4th quarter worth approximately $36,694,000. Wellington Management Group LLP boosted its stake in Stride by 120.6% in the 4th quarter. Wellington Management Group LLP now owns 607,581 shares of the company's stock worth $63,146,000 after purchasing an additional 332,098 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in Stride by 27.6% in the 4th quarter. Janus Henderson Group PLC now owns 1,493,709 shares of the company's stock worth $155,251,000 after purchasing an additional 323,275 shares during the period. Institutional investors and hedge funds own 98.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on LRN shares. Morgan Stanley raised their price objective on shares of Stride from $148.00 to $159.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. William Blair reaffirmed an "outperform" rating on shares of Stride in a research note on Wednesday, April 30th. Canaccord Genuity Group lifted their target price on shares of Stride from $145.00 to $155.00 and gave the company a "buy" rating in a research note on Monday, April 28th. BMO Capital Markets reissued an "outperform" rating on shares of Stride in a research note on Thursday, May 1st. Finally, Wall Street Zen raised shares of Stride from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Stride currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.40.

Stride Stock Down 0.7%

Shares of Stride stock traded down $1.12 during midday trading on Thursday, reaching $157.23. 495,394 shares of the company's stock traded hands, compared to its average volume of 782,906. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 26.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.10. The company's 50 day simple moving average is $139.06 and its 200 day simple moving average is $138.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.27 and a current ratio of 5.39. Stride, Inc. has a 52 week low of $63.25 and a 52 week high of $162.30.

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

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.