Analysts at HSBC have increased their price target for Blackstone (NYSE:BX) from $170.00 to $179.00, indicating a potential upside of 13.28% based on the company’s previous closing price. This adjustment, announced in a report published on Wednesday, October 8, 2023, reflects the growing confidence in Blackstone’s performance amidst a fluctuating market.
Several other research firms have recently provided updates on Blackstone’s stock. On October 9, 2023, Piper Sandler lowered its price target from $181.00 to $173.00 while maintaining a “neutral” rating. In contrast, Evercore ISI raised its price objective significantly from $165.00 to $197.00, designating the stock as “outperform” on July 25, 2023. Additionally, JPMorgan Chase & Co. increased its target from $160.00 to $177.00, also holding a “neutral” stance. JMP Securities echoed this optimism by adjusting their price target from $180.00 to $195.00, assigning a “market outperform” rating.
Currently, the stock has received a mix of ratings from analysts. One has assigned a “Strong Buy,” ten have given a “Buy,” and nine have rated it as “Hold.” According to data from MarketBeat.com, Blackstone boasts an average rating of “Moderate Buy” with an average target price of $180.26.
Current Stock Performance and Financial Metrics
As of Wednesday, October 8, 2023, Blackstone’s shares opened at $158.01. The company holds a market capitalization of $116.47 billion and reports a price-to-earnings ratio of 42.48. With a beta of 1.77, the stock has shown significant volatility. The firm’s 50-day moving average stands at $171.91, while its 200-day moving average is $154.68. Over the past year, Blackstone’s shares have fluctuated between a low of $115.66 and a high of $200.96.
In its most recent quarterly earnings report, released on November 22, 2023, Blackstone reported earnings per share (EPS) of $0.97 and a net margin of 20.83%. The company’s revenue for the quarter reached $2.49 billion. Analysts currently project an EPS of $5.87 for the current fiscal year.
Insider Trading and Institutional Activity
Recent insider transactions have raised eyebrows among investors. On August 13, 2023, major shareholder Bx Buzz Ml-1 Gp LLC sold 16,689,884 shares at an average price of $6.26, totaling approximately $104.48 million. Another insider, Vikrant Sawhney, sold 50,850 shares on August 14, 2023, at an average price of $173.64, amounting to around $8.83 million. Following this sale, Sawhney retained 737,248 shares valued at approximately $128 million.
Over the past 90 days, insiders have purchased 2,538,345 shares valued at $65.05 million while selling 16,984,634 shares worth $155.18 million. Currently, corporate insiders own 1.00% of the company’s stock.
Institutional trading has also seen notable movements. Brighton Jones LLC increased its stake in Blackstone by 34.6% in the fourth quarter, now holding 7,917 shares valued at $1.37 million. GAMMA Investing LLC and Robertson Stephens Wealth Management LLC also expanded their positions. Overall, institutional investors hold approximately 70.00% of Blackstone’s stock, showcasing strong institutional interest in the asset management firm.
Blackstone Inc. is recognized as a leading alternative asset management firm, specializing in various sectors including real estate, private equity, and credit. The firm is known for its proactive investments in early-stage companies and comprehensive capital market services, positioning it well for future growth.
