Blackstone (NYSE:BX) Price Target Lowered to $199.00 at Jefferies Financial Group

Key Points

• Jefferies Financial Group has lowered its price target for Blackstone (NYSE:BX) from $207.00 to $199.00, while maintaining a buy rating, indicating a potential upside of 18.41% from its last close.
• Other analysts have adjusted their price targets as well, with Deutsche Bank increasing its target to $192.00, while Bank of America lowered it to $199.00.
• Blackstone reported impressive quarterly earnings, with an EPS of $1.21, surpassing analysts' estimates and showing a year-over-year revenue growth of 32.7%.

Blackstone (NYSE:BX - Get Free Report) had its target price decreased by investment analysts at Jefferies Financial Group from $207.00 to $199.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage currently has a "buy" rating on the asset manager's stock. Jefferies Financial Group's target price would indicate a potential upside of 18.41% from the company's previous close.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Bank of America cut their price objective on shares of Blackstone from $200.00 to $199.00 in a research report on Friday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Blackstone in a report on Saturday, September 27th. Piper Sandler upped their target price on Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods raised their price target on Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $176.83.

Blackstone Stock Up 0.7%

Blackstone stock opened at $168.06 on Tuesday. Blackstone has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. 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 firm has a market cap of $123.87 billion, a price-to-earnings ratio of 45.15, a P/E/G ratio of 1.37 and a beta of 1.77. The firm has a fifty day moving average price of $173.61 and a two-hundred day moving average price of $153.96.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, analysts forecast that Blackstone will post 5.87 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Union Bancaire Privee UBP SA lifted its stake in shares of Blackstone by 30.7% in the third quarter. Union Bancaire Privee UBP SA now owns 10,772 shares of the asset manager's stock valued at $1,840,000 after buying an additional 2,528 shares in the last quarter. Sanders Morris Harris LLC boosted its stake in Blackstone by 2.7% during the 3rd quarter. Sanders Morris Harris LLC now owns 533,400 shares of the asset manager's stock valued at $91,131,000 after purchasing an additional 13,965 shares during the last quarter. Mirador Capital Partners LP raised its stake in shares of Blackstone by 1.0% in the third quarter. Mirador Capital Partners LP now owns 107,763 shares of the asset manager's stock worth $18,411,000 after purchasing an additional 1,016 shares during the last quarter. Destiny Wealth Partners LLC grew its holdings in Blackstone by 50.4% during the third quarter. Destiny Wealth Partners LLC now owns 3,056 shares of the asset manager's stock worth $522,000 after buying an additional 1,024 shares in the last quarter. Finally, Fragasso Financial Advisors Inc lifted its stake in Blackstone by 216.1% during the 3rd quarter. Fragasso Financial Advisors Inc now owns 15,664 shares of the asset manager's stock valued at $2,639,000 after acquiring an additional 10,709 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Company Profile

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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