Legal & General Group Plc Invests $8.43 Million in Stride, Inc. $LRN

Legal & General Group Plc bought a new stake in shares of Stride, Inc. (NYSE:LRN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 97,786 shares of the company’s stock, valued at approximately $8,433,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new stake in Stride in the second quarter worth about $25,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of 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. Leonteq Securities AG acquired a new position in shares of Stride during the fourth quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its holdings in shares of Stride by 108.7% during the first quarter. EverSource Wealth Advisors LLC now owns 432 shares of the company’s stock valued at $38,000 after acquiring an additional 225 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Stride by 482.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 617 shares of the company’s stock valued at $40,000 after purchasing an additional 511 shares during the last quarter. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LRN. Weiss Ratings reiterated a “hold (c)” rating on shares of Stride in a research note on Wednesday, July 8th. William Blair lowered shares of Stride from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 30th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Stride in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $109.75.

Stride Stock Up 0.6%

LRN stock opened at $87.24 on Wednesday. The company has a market capitalization of $3.63 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 0.50 and a beta of 0.11. Stride, Inc. has a 12 month low of $60.61 and a 12 month high of $166.93. The firm’s fifty day simple moving average is $85.94 and its 200-day simple moving average is $88.34. The company has a debt-to-equity ratio of 0.29, a current ratio of 5.94 and a quick ratio of 5.81.

Stride (NYSE:LRN) last issued its earnings results on Tuesday, August 4th. The company reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.48. The firm had revenue of $636.06 million during the quarter, compared to analysts’ expectations of $626.52 million. Stride had a net margin of 13.43% and a return on equity of 23.49%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.29 earnings per share. As a group, equities research analysts forecast that Stride, Inc. will post 8.62 earnings per share for the current year.

About Stride

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.