Blackstone (NYSE:BX) Price Target Raised to $173.00

Key Points

• The Goldman Sachs Group raised Blackstone's price target from $172.00 to $173.00, suggesting a potential upside of 2.97% from its current price.
• Blackstone reported earnings per share of $1.21 for the last quarter, surpassing the consensus estimate of $1.10, with revenues up 32.7% year-over-year.
• Ten analysts rated Blackstone as a Buy, while eight assigned a Hold rating, indicating a consensus rating of "Moderate Buy" with an average price target of $176.00.

Blackstone (NYSE:BX - Get Free Report) had its price objective hoisted by research analysts at The Goldman Sachs Group from $172.00 to $173.00 in a report released on Friday,MarketScreener reports. The firm currently has a "neutral" rating on the asset manager's stock. The Goldman Sachs Group's target price suggests a potential upside of 2.97% from the company's current price.

Several other equities research analysts have also recently weighed in on BX. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Keefe, Bruyette & Woods lifted their price objective on shares of Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Barclays raised their target price on Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. JMP Securities raised their price objective on Blackstone from $180.00 to $195.00 and gave the company a "market outperform" rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, Blackstone currently has a consensus rating of "Moderate Buy" and an average price target of $176.00.

Blackstone Stock Performance

Shares of NYSE:BX opened at $168.01 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone has a 12-month low of $115.66 and a 12-month high of $200.96. The company's 50 day moving average price is $174.00 and its two-hundred day moving average price is $153.61. The firm has a market cap of $123.84 billion, a PE ratio of 45.19, a PEG ratio of 1.36 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating 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 return on equity of 20.47% and a net margin of 20.83%.The firm's revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 earnings per share. Equities research analysts predict that Blackstone will post 5.87 earnings per share for the current year.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the purchase, the insider owned 7,506,209 shares of the company's stock, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Traub Capital Management LLC acquired a new stake in shares of Blackstone during the second quarter worth $27,000. 1248 Management LLC acquired a new stake in Blackstone during the 1st quarter worth about $25,000. Family CFO Inc bought a new position in shares of Blackstone in the 2nd quarter worth about $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone during the 1st quarter valued at about $28,000. Finally, Anderson Financial Strategies LLC bought a new stake in Blackstone in the first quarter worth approximately $28,000. Institutional investors and hedge funds own 70.00% of the company's stock.

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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