Wells Fargo & Company Issues Pessimistic Forecast for BlackRock (NYSE:BLK) Stock Price

BlackRock (NYSE:BLK) had its price objective dropped by equities research analysts at Wells Fargo & Company from $1,200.00 to $1,155.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.19% from the stock’s previous close.

BLK has been the subject of several other reports. TD Cowen boosted their target price on BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. The Goldman Sachs Group upped their target price on shares of BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Barclays lifted their price target on shares of BlackRock from $1,120.00 to $1,220.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Evercore ISI increased their price objective on shares of BlackRock from $1,040.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of BlackRock from $1,105.00 to $1,133.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,070.08.

BlackRock Stock Performance

Shares of BlackRock stock opened at $985.59 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06. The stock has a market capitalization of $152.65 billion, a price-to-earnings ratio of 24.32, a price-to-earnings-growth ratio of 1.92 and a beta of 1.28. The business has a 50-day moving average of $1,031.47 and a 200 day moving average of $937.84. BlackRock has a 12 month low of $745.55 and a 12 month high of $1,082.45.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, beating analysts’ consensus estimates of $10.42 by $1.04. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.91 earnings per share. As a group, sell-side analysts forecast that BlackRock will post 43.18 earnings per share for the current year.

Insider Activity at BlackRock

In related news, COO Robert L. Goldstein sold 54,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the transaction, the chief operating officer now owns 41,916 shares in the company, valued at $43,845,393.48. The trade was a 56.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark Wiedman sold 36,190 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $1,045.90, for a total value of $37,851,121.00. Following the sale, the director now directly owns 6,480 shares of the company’s stock, valued at $6,777,432. The trade was a 84.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On BlackRock

A number of large investors have recently bought and sold shares of BLK. FSA Wealth Management LLC acquired a new position in shares of BlackRock during the third quarter worth about $26,000. Fairscale Capital LLC acquired a new position in BlackRock during the 2nd quarter worth approximately $31,000. Reston Wealth Management LLC purchased a new position in shares of BlackRock during the 3rd quarter worth approximately $37,000. MFA Wealth Advisors LLC lifted its holdings in shares of BlackRock by 100.0% in the 3rd quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock valued at $38,000 after buying an additional 20 shares during the period. Finally, Addison Advisors LLC boosted its stake in shares of BlackRock by 81.5% in the third quarter. Addison Advisors LLC now owns 49 shares of the asset manager’s stock valued at $47,000 after buying an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Company Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.