StepStone Group (NASDAQ:STEP) Stock Rating Upgraded by Wall Street Zen

StepStone Group (NASDAQ:STEP) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Other analysts also recently issued research reports about the stock. Morgan Stanley raised their price objective on shares of StepStone Group from $61.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. BMO Capital Markets initiated coverage on StepStone Group in a report on Friday, October 3rd. They issued an “outperform” rating and a $74.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on StepStone Group from $73.00 to $84.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. The Goldman Sachs Group raised StepStone Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $64.00 to $83.00 in a research report on Wednesday, September 17th. Finally, Oppenheimer decreased their target price on StepStone Group from $84.00 to $83.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, StepStone Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.57.

StepStone Group Stock Up 1.5%

Shares of STEP opened at $72.12 on Friday. The business has a fifty day moving average of $63.83 and a 200 day moving average of $62.33. The company has a market cap of $8.53 billion, a PE ratio of -9.02 and a beta of 1.34. StepStone Group has a 52-week low of $40.07 and a 52-week high of $73.23.

StepStone Group (NASDAQ:STEP) last announced its earnings results on Thursday, November 6th. The company reported $0.54 earnings per share 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 for the quarter, compared to the consensus estimate of $272.15 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. As a group, research analysts anticipate that StepStone Group will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jose A. Fernandez sold 70,404 shares of StepStone Group stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $61.41, for a total value of $4,323,509.64. Following the completion of the sale, the chief operating officer directly owned 140,806 shares in the company, valued at $8,646,896.46. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael I. Mccabe sold 117,838 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $66.20, for a total transaction of $7,800,875.60. Following the completion of the sale, the insider directly owned 306,026 shares of the company’s stock, valued at approximately $20,258,921.20. This trade represents a 27.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 362,858 shares of company stock worth $23,341,044. Company insiders own 16.47% of the company’s stock.

Hedge Funds Weigh In On StepStone Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd raised its stake in StepStone Group by 2,285.7% in the third quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company’s stock worth $33,000 after buying an additional 480 shares in the last quarter. Quarry LP increased its holdings in shares of StepStone Group by 155.7% in the 3rd quarter. Quarry LP now owns 514 shares of the company’s stock valued at $34,000 after acquiring an additional 313 shares during the period. Clearstead Advisors LLC raised its position in shares of StepStone Group by 127.8% in the 3rd quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of StepStone Group during the 2nd quarter worth $46,000. Finally, Nisa Investment Advisors LLC boosted its position in StepStone Group by 35.5% during the third quarter. Nisa Investment Advisors LLC now owns 916 shares of the company’s stock valued at $60,000 after purchasing an additional 240 shares in the last quarter. 55.54% of the stock is currently owned by institutional investors.

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.