Short Interest in StepStone Group Inc. (NASDAQ:STEP) Drops By 17.6%

by · The Markets Daily

StepStone Group Inc. (NASDAQ:STEP – Get Free Report) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 2,124,504 shares, a drop of 17.6% from the January 15th total of 2,579,673 shares. Based on an average daily volume of 556,677 shares, the days-to-cover ratio is presently 3.8 days. Approximately 2.2% of the company’s shares are sold short. Approximately 2.2% of the company’s shares are sold short. Based on an average daily volume of 556,677 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen upgraded StepStone Group from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Evercore ISI set a $73.00 target price on StepStone Group in a report on Friday, February 6th. JPMorgan Chase & Co. increased their price target on StepStone Group from $84.00 to $91.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of StepStone Group in a research report on Thursday, January 22nd. Finally, Evercore set a $73.00 price objective on shares of StepStone Group in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, StepStone Group currently has an average rating of “Moderate Buy” and an average target price of $79.63.

Get Our Latest Stock Report on StepStone Group

Insider Buying and Selling

In other news, insider Michael I. Mccabe sold 117,838 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.20, for a total value of $7,800,875.60. Following the sale, the insider directly owned 306,026 shares of the company’s stock, valued at approximately $20,258,921.20. This represents a 27.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Scott W. Hart sold 10,000 shares of StepStone Group stock in a transaction on Monday, January 26th. The stock was sold at an average price of $72.52, for a total transaction of $725,200.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 222,052 shares of company stock worth $14,713,290 in the last 90 days. Corporate insiders own 16.47% of the company’s stock.

Institutional Investors Weigh In On StepStone Group

Institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its position in StepStone Group by 105.0% in the 4th quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock valued at $28,000 after buying an additional 212 shares during the last quarter. Aster Capital Management DIFC Ltd grew its stake in shares of StepStone Group by 2,285.7% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company’s stock worth $33,000 after acquiring an additional 480 shares in the last quarter. Quarry LP raised its holdings in shares of StepStone Group by 155.7% in the third quarter. Quarry LP now owns 514 shares of the company’s stock valued at $34,000 after purchasing an additional 313 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of StepStone Group by 58.6% during the fourth quarter. Fifth Third Bancorp now owns 544 shares of the company’s stock valued at $35,000 after purchasing an additional 201 shares in the last quarter. Finally, Clearstead Advisors LLC lifted its position in shares of StepStone Group by 127.8% during the third quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock valued at $38,000 after purchasing an additional 326 shares in the last quarter. Institutional investors own 55.54% of the company’s stock.

StepStone Group Stock Up 0.3%

STEP traded up $0.19 during trading on Monday, hitting $56.76. 968,212 shares of the company’s stock were exchanged, compared to its average volume of 1,018,011. The business’s 50 day moving average is $67.39 and its two-hundred day moving average is $64.02. StepStone Group has a fifty-two week low of $40.07 and a fifty-two week high of $77.79. The stock has a market cap of $6.76 billion, a P/E ratio of -8.18 and a beta of 1.32.

StepStone Group (NASDAQ:STEP – Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The firm had revenue of $241.13 million during the quarter, compared to analysts’ expectations of $363.92 million. StepStone Group had a negative net margin of 30.66% and a positive return on equity of 31.44%. The business’s revenue was up 102.7% on a year-over-year basis. During the same period last year, the company earned $0.44 earnings per share. On average, sell-side analysts forecast that StepStone Group will post 1.82 earnings per share for the current year.

StepStone Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 27th. StepStone Group’s payout ratio is currently -16.14%.

About StepStone Group

(Get Free Report)

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.

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