The Goldman Sachs Group Has Lowered Expectations for Blackstone (NYSE:BX) Stock Price

Key Points

• The Goldman Sachs Group cut its price target on Blackstone from $158 to $118 and maintained a "neutral" rating, implying only about a 4.4% upside from the prior close.
• Analyst coverage is mixed with ten Buy and eleven Hold ratings, leaving a consensus rating of "Hold" and a consensus price target of $162.10.
• Blackstone beat Q4 estimates with revenue up 41.4% year-over-year, but shares opened at $113.01 (1‑year range $101.73–$190.09) and saw significant insider selling, while institutional investors own roughly 70% of the stock.

Blackstone (NYSE:BX - Get Free Report) had its target price cut by stock analysts at The Goldman Sachs Group from $158.00 to $118.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has a "neutral" rating on the asset manager's stock. The Goldman Sachs Group's target price would suggest a potential upside of 4.42% from the stock's previous close.

A number of other equities analysts have also commented on BX. JPMorgan Chase & Co. lowered their price target on shares of Blackstone from $158.00 to $122.00 and set a "neutral" rating on the stock in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Blackstone from $164.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, December 17th. TD Cowen decreased their price target on shares of Blackstone from $183.00 to $164.00 and set a "buy" rating on the stock in a report on Thursday, February 12th. Piper Sandler dropped their price objective on Blackstone from $168.00 to $158.00 and set a "neutral" rating for the company in a research note on Monday, February 2nd. Finally, BNP Paribas Exane cut their price target on shares of Blackstone from $167.00 to $156.00 and set a "neutral" rating for the company in a research note on Monday, January 12th. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, Blackstone presently has a consensus rating of "Hold" and a consensus price target of $162.10.

Blackstone Stock Performance

Shares of BX opened at $113.01 on Monday. Blackstone has a 1 year low of $101.73 and a 1 year high of $190.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.76 and a quick ratio of 0.76. The stock's fifty day moving average price is $120.88 and its two-hundred day moving average price is $143.48. The firm has a market cap of $83.87 billion, a PE ratio of 29.13, a PEG ratio of 0.90 and a beta of 1.74.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.21. The company had revenue of $4.36 billion during the quarter, compared to analyst estimates of $3.69 billion. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.The firm's revenue for the quarter was up 41.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.69 EPS. On average, equities research analysts forecast that Blackstone will post 5.87 EPS for the current year.

Insider Buying and Selling at Blackstone

In other news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the company's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total value of $26,246,039.04. Following the completion of the sale, the insider directly owned 25,832 shares in the company, valued at approximately $90,670.32. The trade was a 99.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BX. REAP Financial Group LLC bought a new position in shares of Blackstone in the third quarter worth approximately $26,000. Family CFO Inc purchased a new position in Blackstone in the 4th quarter worth approximately $28,000. Ares Financial Consulting LLC purchased a new stake in Blackstone during the 4th quarter valued at $28,000. Richardson Financial Services Inc. bought a new stake in shares of Blackstone in the 4th quarter worth $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Blackstone during the third quarter valued at $30,000. Institutional investors own 70.00% of the company's stock.

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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