Blackstone (NYSE:BX) Given New $171.00 Price Target at Oppenheimer

Blackstone (NYSE:BX) had its target price increased by stock analysts at Oppenheimer from $140.00 to $171.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the asset manager’s stock. Oppenheimer’s price target would suggest a potential upside of 17.70% from the stock’s previous close.

Several other equities analysts have also weighed in on BX. Rothschild & Co Redburn reduced their price objective on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a report on Tuesday, June 9th. Sanford C. Bernstein initiated coverage on Blackstone in a research report on Monday, June 8th. They set an “outperform” rating on the stock. Royal Bank Of Canada lifted their price objective on Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. JPMorgan Chase & Co. dropped their price objective on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Blackstone from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and an average price target of $149.43.

Blackstone Stock Performance

Shares of BX stock opened at $145.29 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $109.06 billion, a price-to-earnings ratio of 32.45, a P/E/G ratio of 1.57 and a beta of 1.56. Blackstone has a 52 week low of $101.73 and a 52 week high of $190.09. The firm’s 50-day simple moving average is $129.88 and its two-hundred day simple moving average is $122.68.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company’s revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 EPS. As a group, equities analysts forecast that Blackstone will post 5.99 earnings per share for the current year.

Insider Transactions at Blackstone

In other Blackstone news, insider John G. Finley sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the transaction, the insider owned 516,017 shares of the company’s stock, valued at $75,911,260.87. The trade was a 8.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 30,000 shares of Blackstone stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider directly owned 869,669 shares of the company’s stock, valued at $117,883,632.95. This represents a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have bought 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blackstone

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC boosted its position in Blackstone by 9.3% during the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock valued at $310,000 after buying an additional 177 shares during the period. United Bank grew its stake in shares of Blackstone by 14.7% during the second quarter. United Bank now owns 13,528 shares of the asset manager’s stock valued at $2,024,000 after buying an additional 1,729 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of Blackstone in the second quarter worth about $1,124,000. Finally, Sei Investments Co. boosted its holdings in Blackstone by 1.9% during the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock valued at $67,703,000 after acquiring an additional 8,655 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

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.