Scott Hart, the Chief Executive Officer of StepStone Group Inc. (NASDAQ:STEP), has sold shares of the company's stock totaling approximately $3.78 million, according to a recent SEC filing. The sales occurred over several transactions between December 3 and December 4, 2024, with prices ranging from $62.80 to $64.85 per share. The timing is notable as StepStone's stock has shown remarkable strength, gaining over 155% in the past year. According to InvestingPro analysis, the company's market capitalization now stands at $7.37 billion.
The transactions involved the sale of Class A Common Stock, with Hart disposing of a total of 59,000 shares over the two-day period. Following these transactions, Hart holds 120,000 shares indirectly through a trust.
In addition to the stock sales, the filing also reported a conversion transaction on December 2, 2024, where Hart exchanged 180,000 Class B Units for an equivalent number of Class A Common Stock shares. This conversion did not involve any monetary exchange, as the Class B Units were swapped on a one-for-one basis.
These transactions reflect the ongoing management of equity holdings by Hart, who is both a director and an officer at StepStone Group.
In other recent news, StepStone Group reported notable Q2 FY2025 results, with substantial year-over-year growth in fee-related earnings and an increase in fee-earning assets. The company disclosed a GAAP net income of $53.1 million and an adjusted net income of $53.6 million, or $0.45 per share. Furthermore, the company closed its largest private equity secondaries fund at $4.8 billion and a private debt offering of $175 million.
These developments demonstrate the company's robust financial health and strategic growth initiatives. The management expressed optimism about the company's position in private markets and anticipates generating larger seasonal incentive fees from their SPRING Private Wealth Fund. The company also expects to activate over $4 billion of capital by the end of the calendar year.
Analysts noted the company's significant growth in fee-earning assets and FRE, along with large inflows into private wealth subscriptions. However, they also pointed out that the pace of asset realizations has been muted, with improvements expected as market conditions evolve. Despite these challenges, the overall sentiment from clients remains positive, with high demand for services.
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