Exchange: NASDAQ·Updated 07:30 PM EDT
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STEP StepStone Group Inc - Ordinary Shares - Class A

$44.10
$0.19
(0.43%)
Today
Closed $44.10
$0.00
(0.00%)
After Hours
EarningsNov 5
Mkt Cap$5.3B
Vol417,141.00

About STEP

StepStone Group, Inc. is a private markets investment firm. It focuses on providing customized investment solutions and advisory and data services to clients. The firm serves public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. The company was founded by Monte M. Brem, Jose A. Fernandez, Steve R. Mitchell, Thomas Porter Keck, and Robert A. Waldo in January 2007 and is headquartered in New York, NY.
50

Neutral Sentiment

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StepStone Group shares rose after Wells Fargo initiated coverage with an Overweight rating and a $55 price target, adding to a generally constructive analyst view after significant selling pressure over the past year. The initiation brings the total number of buy-equivalent ratings on the stock to nine. The company also hired Taylor Benson to lead a new U.S. Defined Contribution business, expanding its presence in the growing private-wealth and retirement channels. A day earlier, StepStone appointed Yoshitaka Todoroki, a former Government Pension Investment Fund of Japan executive, as vice president to drive strategic growth in Japan and across Asia. The broader market provided additional support, with the S&P 500 up 0.7% and the Nasdaq gaining 1.2% after September payrolls increased by just 29,000, well below expectations of about 84,000. $STEP
Katafrag
$STEP While retail traders were spooked by temporary non-cash GAAP earnings headlines and sector volatility early in the year, institutional investors aggressively stepped in to buy the dip. The 3-to-1 buy-to-sell ratio confirms that institutional money managers are treating StepStone's long-term fee earnings power and asset growth as an underpriced opportunity.

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