Robert Goldstein, chief operating officer of BlackRock Inc. (NYSE:), executed a series of stock trades on Dec. 5, as detailed in a recent SEC filing. Goldstein sold shares totaling $56,485,636, with sale prices ranging from $1,042.1085 to $1,051.0172 per share. The trades came as BlackRock shares trade near their 52-week high of $1,068.34, with the company having a market capitalization of $161.6 billion.
In addition to the sales, Goldstein exercised stock options to acquire 54,000 shares at a price of $513.50 each, for a total transaction value of $27,729,000. As a result of these transactions, Goldstein's direct ownership totals 40,966 shares, with an additional 9,435 shares held indirectly through a family trust. The stock has demonstrated remarkable strength, returning 37% over the past six months and maintaining an overall financial health score of “GOOD” according to InvestPro.
These transactions are part of management's routine financial management and do not necessarily indicate a change in the company's prospects or performance. For more in-depth information on BlackRock's valuation and performance metrics, including 10+ additional professional tips and comprehensive financial analysis, visit InvestPro.
Separately, BlackRock, Inc. made significant progress with the $12 billion acquisition of HPS Investment Partners, a move aimed at expanding its private credit capabilities. The deal is expected to increase BlackRock's private markets fee-based assets under management (AUM) and was paid for entirely by BlackRock's equity. BlackRock's third-quarter results were also notable, with record net inflows of $221 billion, a 15% year-over-year increase in quarterly revenue to $5.2 billion and a 26% increase in operating profit to $2.1 billion.
Additionally, BlackRock's stock price targets have been raised by several financial institutions, including Evercore ISI, Citi, German Bank (ETR:) and Goldman Sachs. Evercore ISI increased its price target for BlackRock to $1,180, following the announcement of the acquisition of HPS Investment Partners. Citi, Deutsche Bank and Goldman Sachs also raised their price targets, reflecting BlackRock's strong third-quarter results.
Analysts at these companies expect BlackRock to maintain organic core fee growth of at least 5%, likely to increase in the fourth quarter due to seasonal tailwinds. They also expect BlackRock's significant ETF flows, strategic initiatives in the private markets sector and technological advancements to continue to contribute to its growth trajectory. These are recent developments that continue to shape BlackRock's growth story.
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