Norges Bank Buys New Shares in StepStone Group LP (NASDAQ:STEP)

Norges Bank bought a new stake in StepStone Group LP (NASDAQ:STEP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 199,424 shares of the company's stock, valued at approximately $11,543,000. Norges Bank owned approximately 0.17% of StepStone Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new position in StepStone Group in the fourth quarter valued at $27,000. Raleigh Capital Management Inc. purchased a new position in shares of StepStone Group in the 4th quarter valued at about $29,000. IFP Advisors Inc acquired a new stake in shares of StepStone Group during the 4th quarter worth about $36,000. Amundi lifted its stake in StepStone Group by 26.7% during the fourth quarter. Amundi now owns 730 shares of the company's stock worth $42,000 after purchasing an additional 154 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in StepStone Group by 36.6% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the company's stock valued at $49,000 after purchasing an additional 226 shares in the last quarter. 55.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other StepStone Group news, CAO Anthony Keathley sold 538 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $63.00, for a total transaction of $33,894.00. Following the transaction, the chief accounting officer now owns 1,386 shares of the company's stock, valued at $87,318. This represents a 27.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Scott W. Hart sold 10,000 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $61.43, for a total value of $614,300.00. Following the sale, the chief executive officer now owns 110,000 shares in the company, valued at $6,757,300. This trade represents a 8.33 % decrease in their position. The disclosure for this sale can be found here. 18.44% of the stock is currently owned by company insiders.

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Analyst Upgrades and Downgrades

A number of research firms have weighed in on STEP. Evercore ISI raised their price objective on shares of StepStone Group from $63.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, February 10th. Barclays decreased their price objective on shares of StepStone Group from $69.00 to $48.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Finally, Oppenheimer lifted their target price on StepStone Group from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $66.21.

StepStone Group Price Performance

NASDAQ:STEP traded up $0.67 during trading hours on Friday, reaching $46.34. 478,627 shares of the company traded hands, compared to its average volume of 657,136. The firm's 50-day moving average is $55.08 and its 200-day moving average is $59.41. The stock has a market cap of $5.37 billion, a P/E ratio of -27.42 and a beta of 1.36. StepStone Group LP has a 1-year low of $34.64 and a 1-year high of $70.38.

StepStone Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Friday, February 28th. StepStone Group's payout ratio is currently -56.80%.

StepStone Group Profile

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.