Shares of Strayer Education, Inc. (STRA
), a provider of post-secondary education to working adults, fell 40.1% in the third quarter. Lower revenue per student on more aggressive use of scholarships and smaller tuition hikes were among the factors that caused management to lower its third quarter and 2012 business outlooks below the low end of previous guidance.We continue to believe Strayer is well positioned, with its industry high completion rates, significant corporate funding, and high graduate salaries. (Susan Robbins)
From Baron Funds third quarter letter.