TimesSquare Capital Management LLC Invests $22.70 Million in StepStone Group Inc. $STEP

TimesSquare Capital Management LLC purchased a new position in StepStone Group Inc. (NASDAQ:STEP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 353,697 shares of the company’s stock, valued at approximately $22,697,000. TimesSquare Capital Management LLC owned 0.30% of StepStone Group at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Salomon & Ludwin LLC boosted its holdings in shares of StepStone Group by 105.0% in the fourth quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock worth $28,000 after acquiring an additional 212 shares during the period. Aster Capital Management DIFC Ltd boosted its holdings in shares of StepStone Group by 2,285.7% in the third quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company’s stock worth $33,000 after acquiring an additional 480 shares during the period. Quarry LP boosted its holdings in shares of StepStone Group by 155.7% in the third quarter. Quarry LP now owns 514 shares of the company’s stock worth $34,000 after acquiring an additional 313 shares during the period. Fifth Third Bancorp boosted its holdings in shares of StepStone Group by 58.6% in the fourth quarter. Fifth Third Bancorp now owns 544 shares of the company’s stock worth $35,000 after acquiring an additional 201 shares during the period. Finally, Clearstead Advisors LLC boosted its holdings in shares of StepStone Group by 127.8% in the third quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares during the period. 55.54% of the stock is owned by institutional investors.

StepStone Group Stock Down 2.1%

NASDAQ STEP opened at $52.52 on Wednesday. The stock’s 50-day simple moving average is $50.16 and its two-hundred day simple moving average is $58.27. StepStone Group Inc. has a twelve month low of $40.58 and a twelve month high of $77.79. The company has a market capitalization of $6.26 billion, a price-to-earnings ratio of -7.57 and a beta of 1.34.

StepStone Group announced that its board has authorized a share buyback plan on Monday, March 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on STEP shares. Oppenheimer cut their price target on StepStone Group from $104.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, April 13th. Weiss Ratings lowered StepStone Group from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, April 22nd. Evercore reissued an “outperform” rating and set a $59.00 price objective on shares of StepStone Group in a research note on Tuesday, April 21st. UBS Group initiated coverage on StepStone Group in a research note on Thursday, April 2nd. They set a “buy” rating and a $60.00 price objective for the company. Finally, Barclays lifted their price objective on StepStone Group from $55.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.75.

StepStone Group 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.