In a recent transaction, Thomas Keck, a director at StepStone Group Inc. (NASDAQ:STEP), sold a total of $316,724 worth of the company's stock. The sales occurred on June 3 and June 4, according to a Form 4 document filed with the Securities and Exchange Commission.
The document revealed that Keck sold 2,653 shares of Class A Common Stock at an average price of $45.04 on June 3 and another batch of 4,382 shares at an average price of $45.01 on June 4. These transactions were executed in multiple trades with prices ranging from $45.00 to $45.14, as indicated by the footnotes in the filing.
Following these sales, Keck still retains a significant stake in the company, holding 198,097 shares of Class A Common Stock indirectly through a trust, as well as substantial holdings in Class B Common Stock.
StepStone Group Inc., headquartered in New York, specializes in investment advice and is known for its global private markets investment management and advisory services.
Investors and the market often monitor the trading activities of company insiders such as directors and executives to gain insights into the company's performance and value. The recent sales by Thomas Keck represent a notable change in his investment position, though the remaining substantial holdings suggest continued alignment with the company's long-term prospects.
In other recent news, StepStone Group has been the subject of notable developments. The company's first-quarter 2024 earnings outperformed expectations, with an Adjusted Net Income per Share of $0.33, surpassing both Bloomberg LP Street consensus and JPMorgan (NYSE:JPM)'s estimate. This strong performance was due to higher-than-expected fee-related revenues and realized carry, leading JPMorgan to increase its price target on StepStone shares.
StepStone also reported a robust fourth quarter for fiscal 2024, with a GAAP net income of $82.5 million and a 35% increase in fee-related earnings. In light of these results, the company announced a supplemental cash dividend of $0.15 per share.
These recent developments also include significant fundraising and asset management activities. StepStone reported approximately $6 billion in new funds and raised $18.6 billion in new assets under management commitments for the year.
Analysts from JPMorgan have adjusted their full-year estimates for 2024 and 2025 upwards for StepStone, and the company itself expects continued improvement in margins in fiscal 2025. These developments reflect a positive outlook on the current macro environment and improved fundraising conditions compared to a year ago.
InvestingPro Insights
As investors digest the news of Thomas Keck's stock sale in StepStone Group Inc., it's worth noting some key metrics and insights from InvestingPro that may shed light on the company's current financial health and future prospects. StepStone Group Inc. (NASDAQ:STEP) has shown a remarkable revenue growth in the last twelve months as of Q4 2024, with an impressive increase of 1153.11%. This exceptional growth rate is a strong indicator of the company's expanding business and potential for future profitability.
InvestingPro Tips highlight that StepStone Group is expected to see net income growth this year, which could be reassuring for investors concerned about the recent insider selling. Additionally, the company has managed to raise its dividend for three consecutive years, suggesting a commitment to returning value to shareholders. With a current dividend yield of 2.67%, it remains an attractive option for income-focused investors.
On the valuation front, StepStone Group is trading at a P/E ratio of 47.58, which seems high at first glance. However, when adjusted for near-term earnings growth, the PEG ratio is a low 0.13, indicating that the company's earnings growth may not be fully reflected in its current share price. This could present an opportunity for investors who are looking for growth at a reasonable price.
For those interested in exploring more about StepStone Group, there are additional InvestingPro Tips available that provide deeper analysis and more nuanced insights into the company's financials and market performance. Access these valuable tips at https://www.investing.com/pro/STEP and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more tips awaiting on InvestingPro, investors can make more informed decisions backed by comprehensive data and expert analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.