StepStone Group (NASDAQ:STEP) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

StepStone Group (NASDAQ:STEP) released its quarterly earnings data on Wednesday. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06, FiscalAI reports. The business had revenue of $305.84 million during the quarter, compared to analyst estimates 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 NASDAQ:STEP traded down $0.52 during trading on Wednesday, reaching $52.00. The company had a trading volume of 1,208,085 shares, compared to its average volume of 1,121,640. The firm’s fifty day moving average is $50.16 and its 200 day moving average is $58.27. The firm has a market capitalization of $6.20 billion, a PE ratio of -7.49 and a beta of 1.34. StepStone Group has a twelve month low of $40.58 and a twelve month high of $77.79.

Analyst Ratings Changes

A number of research firms have issued reports on STEP. BMO Capital Markets cut their target price on StepStone Group from $70.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 24th. UBS Group began coverage on shares of StepStone Group in a research report on Thursday, April 2nd. They issued a “buy” rating and a $60.00 price objective on the stock. Evercore reissued an “outperform” rating and set a $59.00 target price on shares of StepStone Group in a research note on Tuesday, April 21st. Weiss Ratings lowered shares of StepStone Group from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, April 22nd. Finally, Barclays lifted their price target on StepStone Group from $55.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, April 8th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.75.

StepStone Group announced that its board has approved a share repurchase program on Monday, March 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of StepStone Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of StepStone Group by 65.2% in the third quarter. Wellington Management Group LLP now owns 5,723,073 shares of the company’s stock valued at $373,774,000 after buying an additional 2,257,880 shares during the period. Price T Rowe Associates Inc. MD raised its position in StepStone Group by 16.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,102,666 shares of the company’s stock worth $327,439,000 after acquiring an additional 724,201 shares in the last quarter. Ameriprise Financial Inc. raised its position in StepStone Group by 320.8% in the third quarter. Ameriprise Financial Inc. now owns 749,841 shares of the company’s stock worth $48,972,000 after acquiring an additional 571,643 shares in the last quarter. UBS Group AG grew its stake in shares of StepStone Group by 401.0% in the 3rd quarter. UBS Group AG now owns 604,518 shares of the company’s stock worth $39,481,000 after purchasing an additional 483,847 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of StepStone Group by 125.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 472,270 shares of the company’s stock worth $26,211,000 after purchasing an additional 263,015 shares in the last quarter. Institutional investors own 55.54% of the company’s stock.

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.