StepStone Group (NASDAQ:STEP) Releases Quarterly Earnings Results

by · The Cerbat Gem

StepStone Group (NASDAQ:STEP – Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06, FiscalAI reports. The company had revenue of $305.84 million during the quarter, compared to the consensus estimate of $292.11 million. StepStone Group had a positive return on equity of 31.44% and a negative net margin of 30.66%.

StepStone Group Stock Performance

Shares of STEP stock traded down $0.52 on Wednesday, reaching $52.00. 1,208,085 shares of the company’s stock traded hands, compared to its average volume of 1,121,640. The company has a market capitalization of $6.20 billion, a P/E ratio of -7.49 and a beta of 1.34. StepStone Group has a 12-month low of $40.58 and a 12-month high of $77.79. The business’s 50 day moving average price is $50.16 and its two-hundred day moving average price is $58.27.

Institutional Trading of StepStone Group

A number of hedge funds have recently made changes to their positions in STEP. Wellington Management Group LLP boosted its holdings in shares of StepStone Group by 8.8% during the fourth quarter. Wellington Management Group LLP now owns 6,227,753 shares of the company’s stock worth $399,635,000 after purchasing an additional 504,680 shares during the period. Price T Rowe Associates Inc. MD lifted its position in StepStone Group by 16.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,102,666 shares of the company’s stock worth $327,439,000 after buying an additional 724,201 shares in the last quarter. Invesco Ltd. boosted its stake in shares of StepStone Group by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,138,979 shares of the company’s stock valued at $270,317,000 after buying an additional 95,339 shares during the period. Alliancebernstein L.P. boosted its stake in shares of StepStone Group by 3.2% during the 3rd quarter. Alliancebernstein L.P. now owns 1,217,860 shares of the company’s stock valued at $79,538,000 after buying an additional 37,679 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of StepStone Group by 0.7% during the 4th quarter. Franklin Resources Inc. now owns 1,182,791 shares of the company’s stock valued at $75,900,000 after acquiring an additional 8,111 shares in the last quarter. 55.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Oppenheimer cut their target price on StepStone Group from $104.00 to $90.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Barclays lifted their price target on StepStone Group from $55.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. BMO Capital Markets cut their price objective on StepStone Group from $70.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. UBS Group assumed coverage on shares of StepStone Group in a research note on Thursday, April 2nd. They set a “buy” rating and a $60.00 price objective for the company. Finally, Morgan Stanley set a $72.00 target price on shares of StepStone Group in a report on Tuesday, January 27th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.75.

Read Our Latest Stock Analysis on STEP

StepStone Group announced that its Board of Directors has approved a stock buyback program on Monday, March 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

StepStone Group Company Profile

(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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