On June 11, McCabe Michael I, Head of Strategy at STEP, disclosed the acquisition of 96,887 shares at $41.71 each, totaling $4,041,156.77. This transaction was filed with the SEC on Form 4 and represents the majority of insider buying for STEP on that date.
The purchase was not part of a larger cluster, with only one insider reporting a buy. Insider transactions of this size may be interpreted by some investors as a sign of management’s confidence in the company’s outlook, though motivations can vary. The total notional value of insider purchases in STEP for the day was $5,022,072.49.