Perdoceo Education (NASDAQ:PRDO) Hits New 52-Week High on Strong Earnings

Shares of Perdoceo Education Co. (NASDAQ:PRDO) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $21.73 and last traded at $21.55, with a volume of 118220 shares trading hands. The stock had previously closed at $18.34.

The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.53 by $0.07. The business had revenue of $168.30 million for the quarter, compared to analysts’ expectations of $163.30 million. Perdoceo Education had a net margin of 20.80% and a return on equity of 17.63%. The business’s quarterly revenue was down 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.58 EPS.

Perdoceo Education Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, February 29th. Perdoceo Education’s payout ratio is currently 20.18%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PRDO shares. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of Perdoceo Education in a research report on Monday, April 15th. StockNews.com cut shares of Perdoceo Education from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 25th.

Insider Activity

In other news, CEO Todd S. Nelson sold 16,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $17.23, for a total transaction of $275,680.00. Following the sale, the chief executive officer now directly owns 713,367 shares in the company, valued at approximately $12,291,313.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Ashish R. Ghia sold 11,412 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $19.00, for a total transaction of $216,828.00. Following the transaction, the chief financial officer now directly owns 226,234 shares in the company, valued at approximately $4,298,446. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd S. Nelson sold 16,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $17.23, for a total transaction of $275,680.00. Following the transaction, the chief executive officer now owns 713,367 shares in the company, valued at $12,291,313.41. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,412 shares of company stock worth $1,342,428. 1.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perdoceo Education

A number of hedge funds have recently added to or reduced their stakes in PRDO. Planned Solutions Inc. bought a new position in Perdoceo Education in the 4th quarter worth about $26,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Perdoceo Education in the 4th quarter worth approximately $26,000. AJOVista LLC purchased a new stake in shares of Perdoceo Education in the 4th quarter worth approximately $81,000. Banque Cantonale Vaudoise lifted its position in shares of Perdoceo Education by 9.9% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,269 shares of the company’s stock worth $110,000 after purchasing an additional 565 shares during the period. Finally, Commons Capital LLC purchased a new stake in shares of Perdoceo Education in the 4th quarter worth approximately $193,000. 93.46% of the stock is currently owned by institutional investors.

Perdoceo Education Trading Up 26.0 %

The firm’s 50-day moving average price is $17.62 and its two-hundred day moving average price is $17.65. The stock has a market cap of $1.52 billion, a PE ratio of 9.49, a PEG ratio of 0.58 and a beta of 0.92.

Perdoceo Education Company Profile

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. It operates in two segments, Colorado Technical University and The American InterContinental University System. The Colorado Technical University segment offers academic programs, such as business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity, and criminal justice.