BlackRock (NYSE:BLK) Price Target Cut to $1,128.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its price target on BlackRock to $1,128 from $1,269 and maintained a "neutral" rating, implying roughly a 13.2% upside from the current price.
• Analyst consensus remains a "Moderate Buy" with a consensus price target of $1,247.28 (16 Buy, 3 Hold, 1 Strong Buy).
• BlackRock recently beat quarterly estimates with EPS of $13.16 (vs. $12.55 est.) and revenue of $7.01 billion (vs. $6.80 billion), a 23.4% year‑over‑year revenue increase.

BlackRock (NYSE:BLK - Get Free Report) had its target price cut by stock analysts at JPMorgan Chase & Co. from $1,269.00 to $1,128.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The brokerage presently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 13.22% from the company's current price.

Other equities analysts also recently issued reports about the company. Barclays dropped their target price on BlackRock from $1,350.00 to $1,290.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Morgan Stanley cut their price target on shares of BlackRock from $1,550.00 to $1,368.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Freedom Capital raised BlackRock from a "hold" rating to a "strong-buy" rating in a report on Friday, January 23rd. TD Cowen cut their target price on BlackRock from $1,238.00 to $1,105.00 and set a "hold" rating on the stock in a research report on Thursday. Finally, Evercore reduced their target price on BlackRock from $1,235.00 to $1,180.00 and set an "outperform" rating for the company in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,247.28.

BlackRock Trading Down 0.3%

BLK stock opened at $996.26 on Monday. BlackRock has a 52-week low of $845.82 and a 52-week high of $1,219.94. The firm has a market cap of $154.96 billion, a P/E ratio of 28.05, a PEG ratio of 1.38 and a beta of 1.48. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.37. The company's 50-day simple moving average is $1,016.00 and its 200-day simple moving average is $1,070.62.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings data on Thursday, January 15th. The asset manager reported $13.16 earnings per share for the quarter, topping analysts' consensus estimates of $12.55 by $0.61. The company had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.80 billion. BlackRock had a return on equity of 14.78% and a net margin of 22.93%.The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $11.93 earnings per share. As a group, equities analysts forecast that BlackRock will post 47.41 EPS for the current fiscal year.

Insider Activity

In related news, COO Robert L. Goldstein sold 54,190 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $1,087.29, for a total transaction of $58,920,245.10. Following the completion of the transaction, the chief operating officer directly owned 51,478 shares of the company's stock, valued at $55,971,514.62. This represents a 51.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stephen Cohen sold 2,179 shares of BlackRock stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $1,073.87, for a total value of $2,339,962.73. Following the completion of the sale, the director directly owned 6,543 shares in the company, valued at $7,026,331.41. This represents a 24.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 111,319 shares of company stock valued at $123,999,249. Company insiders own 1.98% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC boosted its position in shares of BlackRock by 5,190.3% during the 4th quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager's stock worth $5,876,618,000 after purchasing an additional 5,386,640 shares in the last quarter. Norges Bank acquired a new stake in shares of BlackRock in the fourth quarter valued at about $2,742,680,000. Oak Harvest Investment Services boosted its holdings in BlackRock by 12,176.1% during the fourth quarter. Oak Harvest Investment Services now owns 1,595,153 shares of the asset manager's stock worth $1,707,356,000 after buying an additional 1,582,159 shares in the last quarter. Auto Owners Insurance Co increased its holdings in BlackRock by 106,934.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,284,408 shares of the asset manager's stock valued at $128,441,000 after buying an additional 1,283,208 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in BlackRock by 200.5% in the fourth quarter. Wellington Management Group LLP now owns 1,451,122 shares of the asset manager's stock valued at $1,553,194,000 after buying an additional 968,245 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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