Massachusetts Financial Services Co. MA Buys 25,559 Shares of StepStone Group Inc. $STEP

Massachusetts Financial Services Co. MA raised its stake in StepStone Group Inc. (NASDAQ:STEP) by 2.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 967,800 shares of the company’s stock after purchasing an additional 25,559 shares during the period. Massachusetts Financial Services Co. MA owned 0.83% of StepStone Group worth $63,207,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its position in shares of StepStone Group by 0.8% during the second quarter. Invesco Ltd. now owns 4,043,640 shares of the company’s stock worth $224,422,000 after purchasing an additional 32,625 shares during the period. Franklin Resources Inc. lifted its stake in StepStone Group by 28.0% during the 2nd quarter. Franklin Resources Inc. now owns 1,122,986 shares of the company’s stock valued at $62,326,000 after acquiring an additional 245,546 shares in the last quarter. Wasatch Advisors LP boosted its holdings in StepStone Group by 1.5% during the 2nd quarter. Wasatch Advisors LP now owns 1,111,135 shares of the company’s stock worth $61,668,000 after acquiring an additional 16,410 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of StepStone Group by 0.7% in the 2nd quarter. Raymond James Financial Inc. now owns 705,380 shares of the company’s stock worth $39,149,000 after acquiring an additional 5,249 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in shares of StepStone Group by 4.5% in the second quarter. William Blair Investment Management LLC now owns 535,125 shares of the company’s stock valued at $29,699,000 after purchasing an additional 22,871 shares during the last quarter. 55.54% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Michael I. Mccabe sold 117,838 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $66.20, for a total transaction of $7,800,875.60. Following the sale, the insider directly owned 306,026 shares in the company, valued at approximately $20,258,921.20. This represents a 27.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jose A. Fernandez sold 70,404 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $61.41, for a total transaction of $4,323,509.64. Following the completion of the transaction, the chief operating officer directly owned 140,806 shares of the company’s stock, valued at approximately $8,646,896.46. This trade represents a 33.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 362,858 shares of company stock worth $23,341,044 over the last quarter. 16.47% of the stock is currently owned by company insiders.

StepStone Group Trading Up 1.4%

NASDAQ:STEP opened at $75.06 on Thursday. StepStone Group Inc. has a 12 month low of $40.07 and a 12 month high of $77.79. The firm’s 50 day moving average is $65.88 and its 200 day moving average is $63.31. The stock has a market capitalization of $8.88 billion, a PE ratio of -9.38 and a beta of 1.34.

StepStone Group (NASDAQ:STEP) last released its 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. StepStone Group had a positive return on equity of 21.53% and a negative net margin of 40.06%.The business had revenue of $282.34 million during the quarter, compared to the consensus estimate of $272.15 million. During the same period last year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. Research analysts predict that StepStone Group Inc. will post 1.82 earnings per share for the current year.

StepStone Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.12 annualized dividend and a yield of 1.5%. StepStone Group’s dividend payout ratio is -14.00%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STEP. Wall Street Zen upgraded shares of StepStone Group from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. BMO Capital Markets started coverage on StepStone Group in a research note on Friday, October 3rd. They issued an “outperform” rating and a $74.00 target price on the stock. Barclays upped their target price on StepStone Group from $69.00 to $71.00 and gave the company an “equal weight” rating in a report on Friday, December 12th. Morgan Stanley lifted their price target on StepStone Group from $61.00 to $66.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of StepStone Group in a research note on Wednesday, October 8th. Two research 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.71.

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.