Piper Sandler Has Lowered Expectations for Blackstone (NYSE:BX) Stock Price

Blackstone (NYSE:BX) had its price target lowered by stock analysts at Piper Sandler from $158.00 to $122.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. Piper Sandler’s price objective suggests a potential upside of 8.30% from the company’s previous close.

Several other equities analysts have also weighed in on BX. HSBC reduced their target price on shares of Blackstone from $178.00 to $174.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. BNP Paribas Exane dropped their price target on shares of Blackstone from $167.00 to $156.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. TD Cowen dropped their price target on shares of Blackstone from $183.00 to $164.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Argus dropped their target price on shares of Blackstone from $195.00 to $163.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $160.38.

Blackstone Trading Up 0.4%

Shares of BX traded up $0.41 during mid-day trading on Tuesday, reaching $112.65. The company had a trading volume of 1,889,763 shares, compared to its average volume of 8,196,297. The stock has a market cap of $83.60 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 0.90 and a beta of 1.74. The firm has a fifty day simple moving average of $120.12 and a 200-day simple moving average of $142.94. Blackstone has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, January 29th. The asset manager reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.21. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $3.69 billion. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. Blackstone’s revenue for the quarter was up 41.4% on a year-over-year basis. During the same quarter last year, the business earned $1.69 EPS. On average, sell-side analysts anticipate that Blackstone will post 5.87 EPS for the current fiscal year.

Insider Transactions at Blackstone

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $10.00, for a total value of $15,961,420.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings Iv Gp Mana Blackstone bought 2,868,069 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was acquired at an average price of $26.15 per share, for a total transaction of $75,000,004.35. Following the completion of the acquisition, the insider directly owned 18,628,295 shares in the company, valued at approximately $487,129,914.25. This represents a 18.20% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Blackstone

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

About Blackstone

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.