Goldman Sachs Group (NYSE:GS) target price reduced to $370.00

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The Goldman Sachs Group (NYSE:GS – Get a Rating) had its price target lowered by equity researchers at Royal Bank of Canada from $390.00 to $370.00 in a research note released Friday to investors, Benzinga reports. The company currently has an “industry performance” rating on the shares of the investment management firm. Royal Bank of Canada’s target price would suggest a potential upside of 24.57% from the current share price.

Several other equity research analysts have also weighed in on the company recently. Piper Sandler lowered its price target on Goldman Sachs Group from $430.00 to $410.00 and set an “overweight” rating for the company in a report on Friday. Bank of America upgraded Goldman Sachs Group from a “neutral” rating to a “buy” rating and raised its target price for the stock from $360.00 to $380.00 in a report released Wednesday. StockNews.com picked up coverage from Goldman Sachs Group in a Thursday, March 31 report. They issued a “hold” rating for the company. Oppenheimer cut his price target on Goldman Sachs Group from $546.00 to $519.00 and set an “overweight” rating for the company in a Tuesday, May 3 research note. Finally, BMO Capital Markets lowered its price target on Goldman Sachs Group from $488.00 to $486.00 and set an “outperform” rating for the company in a Monday, April 18 research note. Eight research analysts gave the stock a hold rating and eight gave the stock a buy rating. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $436.40.

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Goldman Sachs Group shares opened at $297.02 on Friday. The stock’s fifty-day moving average is $307.04 and its two-hundred-day moving average is $337.47. The company has a market capitalization of $102.01 billion, a PE ratio of 5.77, a growth price-earnings ratio of 0.63 and a beta of 1.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt ratio of 2.47. Goldman Sachs Group has a 52-week low of $278.15 and a 52-week high of $426.16.

Goldman Sachs Group (NYSE:GS – Get Rating) last released its results on Thursday, April 14. The investment management firm reported earnings per share of $10.76 for the quarter, beating the consensus estimate of $8.61 by $2.15. The Goldman Sachs group achieved a return on equity of 19.08% and a net margin of 31.21%. The company posted revenue of $12.93 billion in the quarter, compared to $11.76 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $18.60. The company’s revenue for the quarter was down 26.9% from the same quarter last year. As a group, research analysts expect Goldman Sachs Group to post 37.7 earnings per share for the current year.

Separately, CEO David M. Solomon sold 9,768 shares in a trade dated Tuesday, April 19. The stock was sold at an average price of $334.57, for a total value of $3,268,079.76. As a result of the transaction, the CEO now directly owns 96,467 shares of the company, valued at $32,274,964.19. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, director Goldman Sachs Group Inc sold 451,401 shares of the company in a trade dated Thursday, June 2. The stock was sold at an average price of $20.48, for a total value of $9,244,692.48. Following the sale, the administrator now directly owns 1,996,137 shares of the company, valued at $40,880,885.76. The disclosure of this sale can be found here. Insiders have sold 1,330,390 shares of the company worth $28,952,332 in the past three months. Company insiders own 0.57% of the company’s shares.

A number of institutional investors have recently bought and sold shares of GS. Freedom Day Solutions LLC increased its stake in The Goldman Sachs Group by 0.9% during the 4th quarter. Freedom Day Solutions LLC now owns 3,205 shares of the investment management company worth $1,226,000 after buying 29 additional shares in the last quarter. Main Street Financial Solutions LLC increased its stake in The Goldman Sachs Group by 3.0% during the fourth quarter. Main Street Financial Solutions LLC now owns 1,037 shares of the investment management company worth $397,000 after buying 30 more shares in the last quarter. Forte Capital LLC ADV increased its stake in The Goldman Sachs Group by 2.6% during the 4th quarter. Forte Capital LLC ADV now owns 1,256 shares of the investment management company worth $480,000 after buying 32 more shares in the last quarter. Focused Wealth Management Inc. increased its holdings in The Goldman Sachs Group by 0.8% during the fourth quarter. Focused Wealth Management Inc now owns 3,841 shares of the investment management company worth $1,469,000 after buying 32 more shares in the last quarter. Finally, Golden State Wealth Management LLC increased its stake in The Goldman Sachs Group by 3.6% during the 4th quarter. Golden State Wealth Management LLC now owns 929 shares of the investment management company worth $355,000 after buying 32 more shares in the last quarter. 71.42% of the shares are currently held by hedge funds and other institutional investors.

About the Goldman Sachs Group (Get an assessment)

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services to businesses, financial institutions, governments and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer and Wealth Management.

See also

Analyst Recommendations for Goldman Sachs Group (NYSE: GS)

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