StepStone Group (NASDAQ:STEP) Reaches New 1-Year High – Here’s What Happened
by Teresa Graham · The Cerbat GemStepStone Group Inc. (NASDAQ:STEP – Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $69.32 and last traded at $68.8390, with a volume of 92247 shares traded. The stock had previously closed at $66.61.
Analysts Set New Price Targets
STEP has been the subject of several recent research reports. JPMorgan Chase & Co. upped their target price on StepStone Group from $73.00 to $84.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Oppenheimer lowered their price objective on StepStone Group from $84.00 to $83.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d+)” rating on shares of StepStone Group in a research note on Wednesday, October 8th. Morgan Stanley increased their price objective on shares of StepStone Group from $61.00 to $66.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Finally, Wall Street Zen downgraded shares of StepStone Group from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, StepStone Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.57.
Check Out Our Latest Analysis on StepStone Group
StepStone Group Stock Performance
The stock has a market cap of $8.16 billion, a price-to-earnings ratio of -8.62 and a beta of 1.34. The company’s 50 day simple moving average is $63.30 and its 200 day simple moving average is $61.98.
StepStone Group (NASDAQ:STEP – Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.05. StepStone Group had a negative net margin of 40.06% and a positive return on equity of 21.53%. The business had revenue of $282.34 million during the quarter, compared to analysts’ expectations of $272.15 million. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue was up 35.2% on a year-over-year basis. Sell-side analysts predict that StepStone Group Inc. will post 1.82 EPS for the current year.
StepStone Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.12 annualized dividend and a yield of 1.6%. StepStone Group’s dividend payout ratio (DPR) is currently -14.00%.
Insiders Place Their Bets
In related news, COO Jose A. Fernandez sold 70,402 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $62.30, for a total value of $4,386,044.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael I. Mccabe sold 74,214 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.14, for a total value of $4,908,513.96. Following the sale, the insider owned 122,209 shares of the company’s stock, valued at $8,082,903.26. This trade represents a 37.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 362,858 shares of company stock worth $23,341,044. 16.47% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On StepStone Group
Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of StepStone Group by 13.1% in the 4th quarter. GAMMA Investing LLC now owns 1,413 shares of the company’s stock valued at $91,000 after purchasing an additional 164 shares during the period. Hudson Bay Capital Management LP lifted its stake in StepStone Group by 213.2% during the third quarter. Hudson Bay Capital Management LP now owns 156,855 shares of the company’s stock valued at $10,244,000 after buying an additional 106,781 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new position in shares of StepStone Group in the third quarter worth about $213,000. Prana Capital Management LP boosted its stake in StepStone Group by 99.6% in the 3rd quarter. Prana Capital Management LP now owns 111,101 shares of the company’s stock worth $7,256,000 after purchasing an additional 55,433 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of StepStone Group during the third quarter valued at $486,000. 55.54% of the stock is owned by institutional investors and hedge funds.
StepStone Group Company Profile
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.