Millennium Management LLC Trims Stake in StepStone Group LP (NASDAQ:STEP)

Millennium Management LLC cut its stake in shares of StepStone Group LP (NASDAQ:STEP - Free Report) by 35.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 801,278 shares of the company's stock after selling 434,000 shares during the quarter. Millennium Management LLC owned 0.70% of StepStone Group worth $46,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Barclays PLC raised its holdings in shares of StepStone Group by 368.2% during the 3rd quarter. Barclays PLC now owns 112,019 shares of the company's stock valued at $6,366,000 after buying an additional 88,095 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in StepStone Group during the fourth quarter valued at approximately $388,000. Cibc World Markets Corp bought a new position in StepStone Group during the fourth quarter valued at approximately $355,000. Proficio Capital Partners LLC purchased a new position in shares of StepStone Group during the fourth quarter worth approximately $941,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of StepStone Group in the 4th quarter worth approximately $331,000. 55.54% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

StepStone Group Trading Up 0.1%

STEP stock traded up $0.08 during trading on Thursday, reaching $56.32. The stock had a trading volume of 118,018 shares, compared to its average volume of 671,175. The firm has a market cap of $6.53 billion, a PE ratio of -33.31 and a beta of 1.37. The stock's 50 day moving average is $51.86 and its two-hundred day moving average is $58.00. StepStone Group LP has a 52 week low of $36.97 and a 52 week high of $70.38.

Wall Street Analyst Weigh In

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

StepStone Group Company 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.