Wedge Capital Management L L P NC Sells 52,098 Shares of Stride, Inc. $LRN

Key Points

• Wedge Capital Management L L P NC reduced its stake in Stride, Inc. by 17.1%, selling 52,098 shares and owning approximately 0.58% of the company valued at $36.7 million.
• Stride, Inc. reported earnings of $2.29 EPS for the quarter, exceeding estimates and showcasing a 22.4% year-over-year revenue increase to $653.65 million.
• Several brokers have raised their price targets for Stride, with Barrington Research setting a new target of $185.00 and maintaining an "outperform" rating.

Wedge Capital Management L L P NC cut its holdings in shares of Stride, Inc. (NYSE:LRN - Free Report) by 17.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 253,026 shares of the company's stock after selling 52,098 shares during the quarter. Wedge Capital Management L L P NC owned 0.58% of Stride worth $36,737,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Inspire Investing LLC purchased a new stake in shares of Stride during the 1st quarter worth about $792,000. DAVENPORT & Co LLC acquired a new stake in Stride in the 1st quarter valued at $461,000. Swedbank AB raised its position in Stride by 5.4% in the 1st quarter. Swedbank AB now owns 1,009,726 shares of the company's stock valued at $127,730,000 after purchasing an additional 52,000 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Stride during the first quarter worth $326,000. Finally, Canandaigua National Bank & Trust Co. bought a new stake in Stride in the first quarter valued at about $273,000. 98.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO James Jeaho Rhyu sold 13,961 shares of the stock in a transaction 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 transaction, the chief executive officer owned 706,353 shares of the company's stock, valued at $114,895,378.98. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on LRN shares. Morgan Stanley boosted their target price on Stride from $148.00 to $159.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Barrington Research restated an "outperform" rating and issued a $185.00 price objective on shares of Stride in a research note on Tuesday. Finally, Wall Street Zen upgraded Stride from a "hold" rating to a "buy" rating in a research note on Saturday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Stride has a consensus rating of "Moderate Buy" and a consensus price target of $146.40.

Stride Stock Performance

Shares of NYSE LRN traded down $0.98 during midday trading on Tuesday, reaching $143.09. The company's stock had a trading volume of 381,767 shares, compared to its average volume of 777,671. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.39 and a quick ratio of 5.27. The stock has a market capitalization of $6.24 billion, a P/E ratio of 23.77, a PEG ratio of 0.83 and a beta of 0.22. The firm has a 50 day moving average price of $148.64 and a 200-day moving average price of $142.85. 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 posted its earnings results on Tuesday, August 5th. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.46. The firm had revenue of $653.65 million for the quarter, compared to the consensus estimate of $626.23 million. Stride had a return on equity of 25.51% and a net margin of 11.97%.The business's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.42 earnings per share. As a group, equities analysts predict that Stride, Inc. will post 6.67 earnings per share for the current year.

Stride Company 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.