Blackstone (NYSE:BX) Price Target Cut to $110.00

Blackstone (NYSE:BX – Get Rating) had its target price trimmed by Morgan Stanley from $113.00 to $110.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the asset manager’s stock.

Several other analysts also recently weighed in on BX. The Goldman Sachs Group dropped their price objective on Blackstone from $101.00 to $86.00 and set a buy rating for the company in a research report on Wednesday, January 4th. JPMorgan Chase & Co. upgraded Blackstone from a neutral rating to an overweight rating and upped their price objective for the stock from $104.00 to $105.00 in a research report on Tuesday. BMO Capital Markets lowered their target price on Blackstone from $90.00 to $85.00 and set a market perform rating for the company in a report on Thursday, January 5th. CICC Research started coverage on Blackstone in a report on Thursday, January 12th. They issued an outperform rating for the company. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $127.00 to $128.00 and gave the stock a buy rating in a report on Tuesday, November 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $109.03.

Blackstone Price Performance

Shares of BX stock opened at $88.22 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.52. Blackstone has a twelve month low of $71.72 and a twelve month high of $138.95. The company has a market cap of $61.91 billion, a P/E ratio of 24.92, a P/E/G ratio of 2.64 and a beta of 1.47. The business has a fifty day simple moving average of $81.81 and a 200 day simple moving average of $90.26.

Insider Activity

In related news, major shareholder Holdings I/Ii Gp L. Blackstone sold 6,341,568 shares of the firm’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $8.00, for a total transaction of $50,732,544.00. Following the completion of the sale, the insider now owns 83,109 shares of the company’s stock, valued at $664,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Blackstone news, Director Ruth Porat bought 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 2nd. The stock was acquired at an average price of $83.55 per share, with a total value of $1,671,000.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,671,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings I/Ii Gp L. Blackstone sold 6,341,568 shares of the stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $8.00, for a total value of $50,732,544.00. Following the completion of the transaction, the insider now owns 83,109 shares in the company, valued at approximately $664,872. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,297,285 shares of company stock valued at $172,508,262. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BX. Mach 1 Financial Group LLC bought a new position in Blackstone in the third quarter worth approximately $25,000. SJS Investment Consulting Inc. bought a new position in shares of Blackstone in the third quarter valued at approximately $26,000. HWG Holdings LP bought a new position in shares of Blackstone in the third quarter valued at approximately $28,000. Ameliora Wealth Management Ltd. bought a new position in shares of Blackstone in the third quarter valued at approximately $29,000. Finally, Trust Co. of Vermont lifted its holdings in shares of Blackstone by 133.3% in the third quarter. Trust Co. of Vermont now owns 350 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 62.39% of the company’s stock.

Blackstone Company Profile

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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.