The Goldman Sachs Group Cuts Blackstone (NYSE:BX) Price Target to $114.00

by · The Cerbat Gem

Blackstone (NYSE:BX – Get Free Report) had its target price reduced by investment analysts at The Goldman Sachs Group from $116.00 to $114.00 in a report released on Tuesday,MarketScreener reports. The firm presently has a “neutral” rating on the asset manager’s stock. The Goldman Sachs Group’s price target indicates a potential downside of 1.37% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. BMO Capital Markets lifted their price target on Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Barclays dropped their price target on Blackstone from $126.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. HSBC reduced their target price on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating for the company in a research note on Friday, April 10th. Finally, Piper Sandler increased their price target on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.36.

Read Our Latest Analysis on Blackstone

Blackstone Trading Up 0.6%

Shares of NYSE:BX opened at $115.58 on Tuesday. The company has a market cap of $85.86 billion, a PE ratio of 29.37, a P/E/G ratio of 1.25 and a beta of 1.59. The company’s 50 day moving average is $120.36 and its two-hundred day moving average is $128.78. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period in the previous year, the business earned $1.11 EPS. Blackstone’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities analysts predict that Blackstone will post 5.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Vikrant Sawhney sold 30,014 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the completion of the sale, the insider directly owned 899,669 shares of the company’s stock, valued at $113,169,363.51. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the stock in a transaction on Friday, May 15th. The shares were acquired at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the purchase, the insider owned 9,111,800 shares of the company’s stock, valued at $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 10,252,345 shares of company stock worth $209,789,893. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Blackstone by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock valued at $11,046,859,000 after purchasing an additional 840,258 shares in the last quarter. Morgan Stanley increased its stake in shares of Blackstone by 2.0% during the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager’s stock worth $5,065,374,000 after purchasing an additional 636,613 shares during the last quarter. State Street Corp lifted its stake in shares of Blackstone by 0.6% in the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock valued at $4,861,885,000 after purchasing an additional 179,213 shares during the last quarter. Bank of America Corp DE raised its holdings in Blackstone by 3.4% during the first quarter. Bank of America Corp DE now owns 11,538,067 shares of the asset manager’s stock valued at $1,326,762,000 after buying an additional 384,264 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Blackstone in the fourth quarter valued at approximately $1,275,747,000. 70.00% of the stock is owned by institutional investors and hedge funds.

About Blackstone

(Get Free Report)

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.

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