Edgestream Partners L.P. Sells 10,822 Shares of Blackstone Inc. (NYSE:BX)

Edgestream Partners L.P. lessened its stake in Blackstone Inc. (NYSE:BX - Free Report) by 73.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,818 shares of the asset manager's stock after selling 10,822 shares during the quarter. Edgestream Partners L.P.'s holdings in Blackstone were worth $534,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Murphy & Mullick Capital Management Corp purchased a new position in shares of Blackstone during the fourth quarter worth $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Blackstone during the fourth quarter worth $34,000. Putney Financial Group LLC purchased a new position in shares of Blackstone during the fourth quarter worth $34,000. von Borstel & Associates Inc. purchased a new position in Blackstone in the first quarter valued at $28,000. Finally, Garde Capital Inc. purchased a new position in Blackstone in the first quarter valued at $36,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Activity

In related news, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the company's stock in a transaction dated Friday, July 18th. The shares were bought at an average price of $25.22 per share, for a total transaction of $29,999,997.04. Following the acquisition, the insider owned 4,178,771 shares in the company, valued at $105,388,604.62. This trade represents a 39.79% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Private Credit Stra Blackstone bought 1,660,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the purchase, the insider owned 1,666,667 shares of the company's stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,849,769 shares of company stock worth $54,932,307. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

BX has been the topic of several recent research reports. Cowen restated a "buy" rating on shares of Blackstone in a research report on Monday, April 21st. Citigroup restated a "market perform" rating on shares of Blackstone in a research report on Saturday. Wells Fargo & Company boosted their price target on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. UBS Group dropped their price target on Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, JMP Securities increased their target price on Blackstone from $165.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, Blackstone has an average rating of "Hold" and a consensus price target of $162.18.

Blackstone Stock Up 1.6%

Shares of NYSE:BX traded up $2.71 during trading on Wednesday, reaching $172.09. 3,445,873 shares of the company traded hands, compared to its average volume of 3,845,300. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The firm has a fifty day simple moving average of $147.85 and a 200 day simple moving average of $150.61. The firm has a market cap of $125.56 billion, a P/E ratio of 51.83, a price-to-earnings-growth ratio of 1.53 and a beta of 1.65.

Blackstone 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.