Blackstone (NYSE:BX) Price Target Cut to $208.00 by Analysts at TD Cowen

Key Points

• TD Cowen has reduced Blackstone's price target from $215.00 to $208.00 while maintaining a "buy" rating, suggesting a potential upside of 28.24% from the current stock price.
• A majority of analysts have rated Blackstone positively, with one Strong Buy, ten Buy, and nine Hold ratings, resulting in a consensus target price of $179.67.
• Blackstone reported strong quarterly earnings with an EPS of $1.21, exceeding estimates and showing a 32.7% increase in revenue compared to the same quarter last year.

Blackstone (NYSE:BX - Get Free Report) had its price target lowered by TD Cowen from $215.00 to $208.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has a "buy" rating on the asset manager's stock. TD Cowen's price objective points to a potential upside of 28.24% from the stock's current price.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company lifted their price target on shares of Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Piper Sandler lifted their price target on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods lifted their price target on shares of Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Evercore ISI boosted their price objective on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Barclays set a $171.00 price objective on Blackstone in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and a consensus target price of $179.67.

Blackstone Stock Performance

Shares of BX opened at $162.19 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $119.55 billion, a price-to-earnings ratio of 43.76, a PEG ratio of 1.36 and a beta of 1.77. The company has a 50-day moving average of $173.37 and a two-hundred day moving average of $154.03. Blackstone has a one year low of $115.66 and a one year high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to analysts' expectations of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. On average, equities research analysts expect that Blackstone will post 5.87 earnings per share for the current year.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares in the company, valued at $128,015,742.72. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackstone

Large investors have recently made changes to their positions in the business. 1248 Management LLC purchased a new stake in shares of Blackstone in the 1st quarter valued at about $25,000. Traub Capital Management LLC purchased a new position in shares of Blackstone in the 2nd quarter valued at approximately $27,000. von Borstel & Associates Inc. purchased a new position in Blackstone during the first quarter valued at $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone in the 1st quarter worth $28,000. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Blackstone in the 1st quarter worth $28,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

About Blackstone

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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