New York State Common Retirement Fund Cuts Stake in Stride, Inc. (NYSE:LRN)

New York State Common Retirement Fund lowered its holdings in shares of Stride, Inc. (NYSE:LRN) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 192,261 shares of the company’s stock after selling 5,600 shares during the period. New York State Common Retirement Fund’s holdings in Stride were worth $16,402,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LRN. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Stride by 17.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,262 shares of the company’s stock worth $1,971,000 after purchasing an additional 4,546 shares in the last quarter. Nordea Investment Management AB grew its holdings in Stride by 48.9% during the 1st quarter. Nordea Investment Management AB now owns 105,630 shares of the company’s stock valued at $6,698,000 after buying an additional 34,682 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in Stride by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 34,831 shares of the company’s stock valued at $2,196,000 after buying an additional 496 shares in the last quarter. ClariVest Asset Management LLC grew its holdings in Stride by 67.3% during the 1st quarter. ClariVest Asset Management LLC now owns 30,794 shares of the company’s stock valued at $1,942,000 after buying an additional 12,393 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Stride by 1.0% during the 1st quarter. Swiss National Bank now owns 81,300 shares of the company’s stock valued at $5,126,000 after buying an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 98.24% of the company’s stock.

Stride Price Performance

NYSE:LRN opened at $94.79 on Wednesday. Stride, Inc. has a 1 year low of $54.81 and a 1 year high of $96.07. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.60 and a quick ratio of 5.50. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 0.70 and a beta of 0.27. The business has a 50 day simple moving average of $81.32 and a 200-day simple moving average of $74.90.

Stride (NYSE:LRN) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.72. Stride had a return on equity of 21.23% and a net margin of 11.38%. The firm had revenue of $551.08 million during the quarter, compared to analyst estimates of $504.29 million. During the same period last year, the company earned $0.11 EPS. Stride’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities analysts forecast that Stride, Inc. will post 6.66 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on LRN. StockNews.com cut Stride from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Barrington Research raised their price target on Stride from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised their price target on Stride from $84.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Canaccord Genuity Group started coverage on Stride in a research note on Thursday, August 8th. They issued a “buy” rating and a $94.00 price objective for the company. Finally, Canaccord Genuity Group raised their price objective on Stride from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Stride has an average rating of “Moderate Buy” and a consensus target price of $90.17.

Insider Buying and Selling

In related news, Director Todd Goldthwaite sold 8,028 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $91.54, for a total transaction of $734,883.12. Following the completion of the sale, the director now directly owns 85,058 shares of the company’s stock, valued at approximately $7,786,209.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is owned by corporate insiders.

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.