StepStone Group (NASDAQ:STEP) Price Target Cut to $60.00 by Analysts at Barclays

StepStone Group (NASDAQ:STEP) had its price objective dropped by investment analysts at Barclays from $62.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 40.33% from the stock’s previous close.

STEP has been the topic of several other reports. UBS Group started coverage on shares of StepStone Group in a research note on Thursday, April 2nd. They set a “buy” rating and a $60.00 target price on the stock. Evercore reiterated an “outperform” rating and set a $60.00 price target on shares of StepStone Group in a report on Thursday, May 21st. Weiss Ratings lowered StepStone Group from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday, April 22nd. BMO Capital Markets increased their price objective on StepStone Group from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Finally, Oppenheimer lowered their target price on StepStone Group from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 21st. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.62.

StepStone Group Price Performance

StepStone Group stock opened at $42.76 on Thursday. StepStone Group has a fifty-two week low of $38.85 and a fifty-two week high of $77.79. The firm’s 50 day simple moving average is $47.89 and its 200-day simple moving average is $54.01. The company has a market cap of $5.10 billion, a P/E ratio of -6.29 and a beta of 1.31.

StepStone Group (NASDAQ:STEP) last issued its quarterly earnings results on Wednesday, May 20th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.51 by $0.06. StepStone Group had a negative net margin of 26.88% and a positive return on equity of 37.69%. The business had revenue of $305.84 million during the quarter, compared to the consensus estimate of $292.11 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, analysts expect that StepStone Group will post 2.57 EPS for the current fiscal year.

Insider Activity at StepStone Group

In related news, COO Jose A. Fernandez sold 2,290 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $42.64, for a total value of $97,645.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe acquired 120,000 shares of StepStone Group stock in a transaction dated Thursday, June 11th. The stock was purchased at an average price of $41.85 per share, with a total value of $5,022,000.00. Following the completion of the purchase, the insider directly owned 433,178 shares of the company’s stock, valued at $18,128,499.30. The trade was a 38.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 16.47% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. William Blair Investment Management LLC boosted its holdings in StepStone Group by 7.4% during the fourth quarter. William Blair Investment Management LLC now owns 670,192 shares of the company’s stock valued at $43,006,000 after acquiring an additional 46,273 shares during the period. Granahan Investment Management LLC increased its stake in shares of StepStone Group by 176.5% in the third quarter. Granahan Investment Management LLC now owns 381,455 shares of the company’s stock worth $24,913,000 after purchasing an additional 243,495 shares during the period. Victory Capital Management Inc. lifted its position in shares of StepStone Group by 1,598.9% during the 3rd quarter. Victory Capital Management Inc. now owns 203,873 shares of the company’s stock worth $13,315,000 after purchasing an additional 191,873 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of StepStone Group by 24.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 258,448 shares of the company’s stock worth $16,585,000 after purchasing an additional 51,125 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in StepStone Group by 14.4% during the 4th quarter. Millennium Management LLC now owns 4,456,150 shares of the company’s stock valued at $285,951,000 after purchasing an additional 561,176 shares during the period. Institutional investors own 55.54% of the company’s stock.

About StepStone Group

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.