Bank of America Corp DE Sells 36,618 Shares of StepStone Group LP (NASDAQ:STEP)

Bank of America Corp DE lessened its stake in StepStone Group LP (NASDAQ:STEP - Free Report) by 11.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 271,075 shares of the company's stock after selling 36,618 shares during the period. Bank of America Corp DE owned about 0.24% of StepStone Group worth $15,690,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of StepStone Group in the 4th quarter worth approximately $27,000. Raleigh Capital Management Inc. bought a new stake in StepStone Group in the fourth quarter valued at $29,000. IFP Advisors Inc acquired a new position in StepStone Group during the fourth quarter worth $36,000. Amundi lifted its holdings in shares of StepStone Group by 26.7% during the fourth quarter. Amundi now owns 730 shares of the company's stock valued at $42,000 after acquiring an additional 154 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of StepStone Group by 444.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 969 shares of the company's stock valued at $56,000 after acquiring an additional 791 shares during the period. 55.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Oppenheimer set a $67.00 target price on shares of StepStone Group and gave the stock an "outperform" rating in a research report on Wednesday, April 16th. Barclays dropped 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 report on Monday, April 7th. Evercore ISI lifted their target price on shares of StepStone Group from $63.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, February 10th. Finally, Morgan Stanley decreased their price target on StepStone Group from $66.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Monday, April 14th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $61.64.

StepStone Group Stock Down 1.7%

Shares of STEP stock opened at $58.43 on Wednesday. The business has a fifty day simple moving average of $51.81 and a 200 day simple moving average of $58.01. The company has a market cap of $6.78 billion, a P/E ratio of -34.57 and a beta of 1.37. StepStone Group LP has a twelve month low of $36.97 and a twelve month high of $70.38.

Insider Activity

In related news, insider Jason P. Ment sold 800 shares of StepStone Group stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $60.02, for a total value of $48,016.00. Following the completion of the sale, the insider now owns 90,663 shares of the company's stock, valued at approximately $5,441,593.26. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Scott W. Hart sold 900 shares of StepStone Group stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $60.01, for a total value of $54,009.00. Following the transaction, the chief executive officer now owns 109,100 shares of the company's stock, valued at $6,547,091. This trade represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,700 shares of company stock valued at $716,325 over the last quarter. 18.44% of the stock is owned by company insiders.

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.

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