Michael Mccabe Sells 117,838 Shares of StepStone Group (NASDAQ:STEP) Stock

by · The Cerbat Gem

StepStone Group Inc. (NASDAQ:STEP – Get Free Report) insider Michael Mccabe sold 117,838 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $66.20, for a total value of $7,800,875.60. Following the transaction, the insider directly owned 306,026 shares in the company, valued at $20,258,921.20. This trade represents a 27.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

StepStone Group Price Performance

StepStone Group stock traded down $1.27 during midday trading on Friday, hitting $64.40. 630,027 shares of the stock were exchanged, compared to its average volume of 628,904. StepStone Group Inc. has a 1 year low of $40.07 and a 1 year high of $68.40. The firm has a market cap of $7.62 billion, a P/E ratio of -8.05 and a beta of 1.44. The company has a 50 day moving average price of $62.83 and a two-hundred day moving average price of $60.81.

StepStone Group (NASDAQ:STEP – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. The business had revenue of $282.34 million during the quarter, compared to analyst estimates of $272.15 million. StepStone Group had a negative net margin of 40.06% and a positive return on equity of 21.53%. The business’s revenue was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, analysts predict that StepStone Group Inc. will post 1.82 EPS for the current year.

StepStone Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 28th. StepStone Group’s dividend payout ratio is presently -14.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of StepStone Group by 2,285.7% during 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 during the period. Quarry LP increased its stake in 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 acquiring an additional 313 shares during the period. Clearstead Advisors LLC raised its position in StepStone Group by 127.8% in the third quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock worth $38,000 after purchasing an additional 326 shares in the last quarter. Darwin Wealth Management LLC bought a new position in StepStone Group during the second quarter worth about $46,000. Finally, Nisa Investment Advisors LLC boosted its holdings 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 and hedge funds.

Analyst Ratings Changes

STEP has been the subject of several research reports. The Goldman Sachs Group upgraded shares of StepStone Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $64.00 to $83.00 in a report on Wednesday, September 17th. Morgan Stanley boosted their price target on shares of StepStone Group from $61.00 to $66.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. JPMorgan Chase & Co. upped their price target on shares of StepStone Group from $73.00 to $84.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Barclays lifted their price objective on StepStone Group from $69.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of StepStone Group in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.57.

Read Our Latest Analysis on STEP

StepStone Group Company Profile

(Get Free Report)

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.

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