Blackstone (NYSE:BX) Price Target Cut to $118.00 by Analysts at The Goldman Sachs Group

Blackstone (NYSE:BX) had its price target dropped by equities researchers at The Goldman Sachs Group from $158.00 to $118.00 in a report released on Monday,MarketScreener reports. The firm currently has a “neutral” rating on the asset manager’s stock. The Goldman Sachs Group’s price target points to a potential upside of 4.42% from the company’s previous close.

BX has been the topic of a number of other reports. BMO Capital Markets decreased their target price on Blackstone from $165.00 to $126.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. Deutsche Bank Aktiengesellschaft raised their price objective on Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Jefferies Financial Group cut their price objective on Blackstone from $185.00 to $161.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Piper Sandler lowered their price target on shares of Blackstone from $168.00 to $158.00 and set a “neutral” rating on the stock in a report on Monday, February 2nd. Finally, Rothschild & Co Redburn reduced their price objective on shares of Blackstone from $165.00 to $158.00 and set a “neutral” rating for the company in a research note on Monday, February 2nd. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $162.10.

Blackstone Price Performance

Shares of NYSE:BX opened at $113.01 on Monday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $83.87 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 0.90 and a beta of 1.74. The firm’s 50 day moving average price is $120.88 and its 200-day moving average price is $143.48. Blackstone has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, January 29th. The asset manager reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.21. The business had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. The firm’s revenue was up 41.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.69 earnings per share. Equities research analysts expect that Blackstone will post 5.87 EPS for the current year.

Insiders Place Their Bets

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the completion of the transaction, the insider owned 25,832 shares in the company, valued at $90,670.32. This trade represents a 99.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Holdings Iv Gp Mana Blackstone acquired 2,868,069 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were purchased at an average cost of $26.15 per share, for a total transaction of $75,000,004.35. Following the completion of the acquisition, the insider directly owned 18,628,295 shares in the company, valued at approximately $487,129,914.25. This represents a 18.20% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Blackstone

Several institutional investors have recently bought and sold shares of the business. REAP Financial Group LLC purchased a new stake in shares of Blackstone during the 3rd quarter valued at about $26,000. Family CFO Inc bought a new stake in Blackstone during the fourth quarter worth approximately $28,000. Ares Financial Consulting LLC purchased a new stake in Blackstone during the fourth quarter valued at approximately $28,000. Richardson Financial Services Inc. purchased a new position in shares of Blackstone in the 4th quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Blackstone during the 3rd quarter valued at approximately $30,000. Institutional investors 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.