Millennium Management LLC Sells 434,000 Shares of StepStone Group LP (NASDAQ:STEP)

Millennium Management LLC decreased its holdings in StepStone Group LP (NASDAQ:STEP) by 35.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 801,278 shares of the company’s stock after selling 434,000 shares during the period. Millennium Management LLC’s holdings in StepStone Group were worth $46,378,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of STEP. Steward Partners Investment Advisory LLC bought a new stake in shares of StepStone Group in the 4th quarter worth $27,000. Raleigh Capital Management Inc. bought a new stake in shares of StepStone Group in the 4th quarter worth $29,000. IFP Advisors Inc bought a new stake in shares of StepStone Group in the 4th quarter worth $36,000. Amundi increased its holdings in shares of StepStone Group by 26.7% in the 4th quarter. Amundi now owns 730 shares of the company’s stock worth $42,000 after purchasing an additional 154 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of StepStone Group by 444.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 969 shares of the company’s stock worth $56,000 after purchasing an additional 791 shares in the last quarter. Institutional investors own 55.54% of the company’s stock.

Analyst Upgrades and Downgrades

STEP has been the subject of a number of research analyst reports. Evercore ISI lifted their target price on StepStone Group from $63.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, February 10th. Morgan Stanley reduced their target price on StepStone Group from $66.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, April 14th. Barclays cut their price objective on StepStone Group from $69.00 to $48.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. Finally, Oppenheimer set a $67.00 price objective on StepStone Group and gave the stock an “outperform” rating in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $61.64.

StepStone Group Price Performance

Shares of STEP opened at $59.55 on Friday. StepStone Group LP has a one year low of $36.97 and a one year high of $70.38. The firm has a market capitalization of $6.91 billion, a P/E ratio of -35.24 and a beta of 1.37. The business has a fifty day moving average of $51.52 and a 200 day moving average of $58.04.

Insider Buying and Selling

In related news, CEO Scott W. Hart sold 10,000 shares of StepStone Group stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $61.43, for a total transaction of $614,300.00. Following the transaction, the chief executive officer now directly owns 110,000 shares in the company, valued at approximately $6,757,300. The trade was a 8.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Anthony Keathley sold 538 shares of StepStone Group stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $63.00, for a total value of $33,894.00. Following the transaction, the chief accounting officer now owns 1,386 shares in the company, valued at $87,318. This trade represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,238 shares of company stock valued at $750,219 over the last 90 days. Company insiders own 18.44% of the company’s stock.

StepStone Group Company Profile

StepStone Group Inc is a private equity and venture capital firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies.