Summit Global Investments Purchases New Position in StepStone Group LP (NASDAQ:STEP)

Summit Global Investments bought a new stake in shares of StepStone Group LP (NASDAQ:STEP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,444 shares of the company's stock, valued at approximately $547,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STEP. FMR LLC increased its holdings in shares of StepStone Group by 3.7% in the third quarter. FMR LLC now owns 3,999,819 shares of the company's stock worth $227,310,000 after purchasing an additional 141,637 shares during the last quarter. State Street Corp increased its position in StepStone Group by 12.4% in the third quarter. State Street Corp now owns 2,401,034 shares of the company's stock worth $136,451,000 after purchasing an additional 265,240 shares during the last quarter. Geode Capital Management LLC increased its position in StepStone Group by 17.4% in the third quarter. Geode Capital Management LLC now owns 1,457,690 shares of the company's stock worth $82,856,000 after purchasing an additional 216,029 shares during the last quarter. Franklin Resources Inc. raised its stake in StepStone Group by 11.9% during the third quarter. Franklin Resources Inc. now owns 805,195 shares of the company's stock valued at $48,279,000 after purchasing an additional 85,904 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in StepStone Group during the fourth quarter valued at $46,163,000. Institutional investors own 55.54% of the company's stock.

Insiders Place Their Bets

In related news, CEO Scott W. Hart sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $61.43, for a total value of $614,300.00. Following the completion of the transaction, the chief executive officer now directly owns 110,000 shares of the company's stock, valued at $6,757,300. This trade represents a 8.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Anthony Keathley sold 538 shares of the business's stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 1,386 shares in the company, valued at approximately $87,318. This represents a 27.96 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.44% of the company's stock.

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StepStone Group Stock Performance

STEP traded up $0.62 on Tuesday, hitting $57.16. The company had a trading volume of 520,110 shares, compared to its average volume of 615,526. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -33.82 and a beta of 1.33. The stock has a fifty day moving average price of $59.37 and a 200-day moving average price of $60.02. StepStone Group LP has a 12-month low of $33.90 and a 12-month high of $70.38.

StepStone Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.68%. The ex-dividend date was Friday, February 28th. StepStone Group's dividend payout ratio is currently -56.80%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STEP. Barclays upped their target price on shares of StepStone Group from $66.00 to $69.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Evercore ISI raised their price target on StepStone Group from $63.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, February 10th. Finally, Oppenheimer upped their target price on shares of StepStone Group from $81.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $69.21.

About StepStone Group

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.