StepStone Group: Valuation Review and Contrasting Signals

StepStone Group (STEP) has experienced a sharp share price pullback, with negative returns over the month, past 3 months, year to date, and the past year. The recent 30-day share price return of 27.32% and 90-day share price return of 30.78% decline, with the stock now at $45.46, contrasts with a 3-year total shareholder return of 105.81%. The preferred price to sales multiple of 2x is a mixed signal, with a lower-than-peer average but higher-than-estimated fair level.