Envestnet Asset Management Inc. Sells 11,512 Shares of StepStone Group LP (NASDAQ:STEP)

Envestnet Asset Management Inc. trimmed its holdings in StepStone Group LP (NASDAQ:STEP) by 12.9% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 77,992 shares of the company’s stock after selling 11,512 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of StepStone Group worth $4,514,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of StepStone Group during the fourth quarter valued at approximately $46,163,000. Massachusetts Financial Services Co. MA bought a new stake in StepStone Group in the 4th quarter worth approximately $32,340,000. Vanguard Group Inc. raised its stake in StepStone Group by 6.3% during the 4th quarter. Vanguard Group Inc. now owns 6,938,181 shares of the company’s stock valued at $401,582,000 after buying an additional 411,133 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of StepStone Group by 26.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,409,089 shares of the company’s stock valued at $85,518,000 after buying an additional 297,989 shares during the period. Finally, Norges Bank purchased a new position in shares of StepStone Group in the 4th quarter worth $11,543,000. Hedge funds and other institutional investors own 55.54% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Scott W. Hart sold 10,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 110,000 shares of the company’s stock, valued at approximately $6,757,300. The trade was a 8.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Anthony Keathley sold 538 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $63.00, for a total transaction of $33,894.00. Following the transaction, the chief accounting officer now directly owns 1,386 shares of the company’s stock, valued at $87,318. The trade was a 27.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.44% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on STEP shares. Evercore ISI increased their target price on StepStone Group from $63.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, February 10th. Barclays dropped their price objective on shares of StepStone Group from $69.00 to $48.00 and set an “equal weight” rating on the stock in a report on Monday, April 7th. Morgan Stanley reduced their target price on shares of StepStone Group from $66.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, April 14th. Finally, Oppenheimer set a $67.00 price target on shares of StepStone Group and gave the stock an “outperform” rating in a research note on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $61.64.

StepStone Group Price Performance

Shares of NASDAQ:STEP opened at $46.35 on Wednesday. The firm’s 50 day simple moving average is $52.91 and its two-hundred day simple moving average is $58.85. The company has a market capitalization of $5.38 billion, a P/E ratio of -27.43 and a beta of 1.36. StepStone Group LP has a 1-year low of $34.91 and a 1-year high of $70.38.

StepStone Group Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, February 28th. StepStone Group’s dividend payout ratio (DPR) is presently -56.80%.

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.