StepStone Group (NASDAQ:STEP) Given New $90.00 Price Target at Oppenheimer
by Amy Steele · The Cerbat GemStepStone Group (NASDAQ:STEP – Get Free Report) had its target price decreased by research analysts at Oppenheimer from $104.00 to $90.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 84.33% from the company’s current price.
STEP has been the subject of a number of other research reports. Barclays upped their target price on shares of StepStone Group from $55.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. JPMorgan Chase & Co. upped their target price on shares of StepStone Group from $84.00 to $91.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. UBS Group began coverage on shares of StepStone Group in a research report on Thursday, April 2nd. They set a “buy” rating and a $60.00 target price for the company. Wall Street Zen upgraded shares of StepStone Group from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Evercore set a $73.00 target price on shares of StepStone Group in a research report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.
View Our Latest Research Report on STEP
StepStone Group Stock Performance
Shares of STEP traded up $2.92 during mid-day trading on Monday, reaching $48.83. The stock had a trading volume of 375,397 shares, compared to its average volume of 1,233,243. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of -7.03 and a beta of 1.32. StepStone Group has a 12 month low of $40.58 and a 12 month high of $77.79. The business has a fifty day moving average of $50.15 and a 200 day moving average of $60.10.
StepStone Group (NASDAQ:STEP – Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $241.13 million during the quarter, compared to analyst estimates of $363.92 million. StepStone Group had a negative net margin of 30.66% and a positive return on equity of 31.44%. The company’s revenue was up 102.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. On average, research analysts forecast that StepStone Group will post 1.82 EPS for the current fiscal year.
StepStone Group announced that its Board of Directors has authorized a stock buyback plan on Monday, March 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Insider Buying and Selling at StepStone Group
In other news, CEO Scott W. Hart sold 10,000 shares of the stock in a transaction on Monday, January 26th. The shares were sold at an average price of $72.52, for a total value of $725,200.00. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 16.47% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in StepStone Group by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 8,449,878 shares of the company’s stock worth $542,229,000 after buying an additional 728,410 shares during the period. Wellington Management Group LLP increased its stake in StepStone Group by 8.8% in the 4th quarter. Wellington Management Group LLP now owns 6,227,753 shares of the company’s stock worth $399,635,000 after buying an additional 504,680 shares during the period. Price T Rowe Associates Inc. MD increased its stake in StepStone Group by 16.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,102,666 shares of the company’s stock worth $327,439,000 after buying an additional 724,201 shares during the period. Millennium Management LLC increased its stake in StepStone Group by 14.4% in the 4th quarter. Millennium Management LLC now owns 4,456,150 shares of the company’s stock worth $285,951,000 after buying an additional 561,176 shares during the period. Finally, Invesco Ltd. increased its stake in StepStone Group by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,138,979 shares of the company’s stock worth $270,317,000 after buying an additional 95,339 shares during the period. Hedge funds and other institutional investors own 55.54% of the company’s stock.
About StepStone Group
StepStone Group is a global private markets investment firm that provides specialized investment solutions across private equity, private credit and real assets. The firm offers customized portfolios, secondary interests, direct co-investments and tailored advisory services to institutional investors worldwide. StepStone’s integrated research and data analytics platform supports its investment teams in sourcing opportunities and monitoring portfolio companies.
Founded in 2007 as an independent private markets specialist, the company has grown its presence through both organic expansion and strategic partnerships.