Perdoceo Education (NASDAQ:PRDO) Corporation's (NASDAQ:PRDO) Principal Accounting Officer, Michele A. Peppers, recently sold a significant amount of company stock, according to the latest filings. The transactions, which took place on September 10 and 11, 2024, saw Peppers sell a total of 12,500 shares at prices ranging from $20.98 to $21.00, resulting in a total value of approximately $262,379.
On the first day of the reported transactions, Peppers sold 6,476 shares of Perdoceo Education stock at an average price of $21.00 per share. The following day, an additional 6,024 shares were sold at a slightly lower average price of $20.98. These sales were executed in multiple trades, and the prices reported reflect the weighted average purchase prices for those dates.
The footnotes in the filing indicate that the transactions on September 10 were executed at prices that varied narrowly, ranging from $21.000 to $21.002. Peppers has committed to providing full information regarding the number of shares and the prices at which the transactions were effected upon written request to the SEC staff, the issuer, or a security holder of the issuer.
Following the sales, the filing also notes that Michele A. Peppers still owns 55,928 shares of the company's common stock. This amount includes 30,633 unvested restricted stock units granted under Perdoceo Education's 2016 Incentive Compensation Plan, with each unit representing the contingent right to receive one share of the issuer's common stock.
Perdoceo Education Corporation, headquartered in Schaumburg, Illinois, operates within the educational services sector and is incorporated in Delaware. The company, formerly known as Career Education Corp, changed its name as part of its ongoing evolution and commitment to educating students for success in their careers.
Investors and market watchers often pay close attention to insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects.
In other recent news, Perdoceo Education Corporation reported a strong second quarter in 2024, marked by significant achievements in student retention and engagement. The company announced an 18.2% increase in its quarterly dividend and plans to acquire the University of St. Augustine for Health Sciences. Despite a mixed financial performance, which included a net income of $38.4 million and an operating loss of $9.8 million due to merger and acquisition costs, the company ended the quarter with a solid $675.2 million in cash and investments.
Perdoceo Education expects to see double-digit growth in AIU System enrollments and anticipates higher operating income and earnings per share in 2024 compared to the previous year. The company also plans to invest in technology, data analytics, academics, and student support processes. However, it is important to note that revenue at CTU is expected to be lower due to simplification of professional development offerings, and AIU System revenue is projected to be below 2023 levels due to lower total enrollments.
These are just some of the recent developments at Perdoceo Education Corporation, and it will be interesting to see how these strategies and forecasts play out in the coming months.
InvestingPro Insights
Amidst the insider trading activities at Perdoceo Education Corporation (NASDAQ:PRDO), investors may find it valuable to consider the company's financial health and market performance. With a market capitalization of $1.42 billion and a price-to-earnings (P/E) ratio of 10.39, which adjusts to 9.63 over the last twelve months as of Q2 2024, Perdoceo appears to be valued reasonably in the market. The adjusted P/E ratio suggests a slight improvement in earnings relative to the company's share price.
One noteworthy InvestingPro Tip for Perdoceo is its impressive gross profit margins, which stand at 83.05% for the last twelve months as of Q2 2024. This high margin indicates robust profitability in the company's core operations. Additionally, the company's profitability is further underscored by a return on assets of 13.04% for the same period, reflecting efficient asset utilization.
Another InvestingPro Tip that stands out is the stock's performance over the last six months, with a price total return of 25.24%. This suggests that despite the recent insider sales, the stock has experienced a significant uptick in value, which could be a signal of investor confidence in the company's growth potential.
For investors seeking more in-depth analysis and additional metrics, there are currently 7 other InvestingPro Tips available for Perdoceo Education Corporation at InvestingPro. These tips provide further insights into the company's financial strength, including its ability to cover interest payments and manage short-term obligations effectively.
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