Barclays Lowers Blackstone (NYSE:BX) Price Target to $119.00

Blackstone (NYSE:BX) had its price target cut by equities research analysts at Barclays from $124.00 to $119.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price target points to a potential downside of 0.30% from the company’s previous close.

BX has been the subject of a number of other reports. The Goldman Sachs Group lowered their price objective on Blackstone from $116.00 to $114.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Rothschild & Co Redburn lowered their target price on Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 9th. TD Cowen reduced their price objective on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Piper Sandler raised their target price on Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group lifted their target price on shares of Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $149.14.

Blackstone Stock Up 0.6%

Shares of NYSE:BX opened at $119.36 on Thursday. The company has a market capitalization of $88.67 billion, a price-to-earnings ratio of 30.50, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58. The company has a 50 day moving average of $119.64 and a two-hundred day moving average of $127.19. Blackstone has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66.

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

Insider Activity at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the sale, the insider directly owned 19,374 shares in the company, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the transaction, the insider directly owned 9,111,800 shares in the company, valued at $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 10,252,345 shares of company stock valued at $209,789,893. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Blackstone

Hedge funds have recently modified their holdings of the company. Jain Global LLC acquired a new stake in Blackstone in the third quarter worth about $9,116,000. Fayez Sarofim & Co increased its position in shares of Blackstone by 1.9% in the third quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager’s stock valued at $217,083,000 after acquiring an additional 24,237 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Blackstone by 2.1% during the third quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager’s stock worth $154,489,000 after buying an additional 18,339 shares during the last quarter. Greenup Street Wealth Management LLC lifted its stake in Blackstone by 1,034.3% in the 4th quarter. Greenup Street Wealth Management LLC now owns 13,940 shares of the asset manager’s stock valued at $2,149,000 after purchasing an additional 12,711 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Blackstone by 9.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager’s stock valued at $15,561,000 after purchasing an additional 8,321 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

About Blackstone

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.