The Goldman Sachs Group (NYSE:GS) Stock Gets Price Target Boost from HSBC

Key Points

• HSBC raised its price target for Goldman Sachs from $995 to $1,007 while maintaining a “hold” rating, implying 7.63% potential upside from the prior close.
• Analyst sentiment remains cautious overall: Goldman has an average “Hold” rating and a consensus price target of $1,060.10, based on 10 Buy, 13 Hold, and 1 Sell recommendation.
• Goldman reported strong quarterly results, with earnings per share of $20.98 versus the $14.47 consensus estimate and revenue of $20.34 billion, up 39.4% year over year.

The Goldman Sachs Group (NYSE:GS - Get Free Report) had its price objective hoisted by stock analysts at HSBC from $995.00 to $1,007.00 in a report released on Monday. The firm currently has a "hold" rating on the investment management company's stock. HSBC's price target would indicate a potential upside of 7.63% from the stock's previous close.

A number of other brokerages have also recently issued reports on GS. Citigroup cut their target price on The Goldman Sachs Group from $1,200.00 to $1,050.00 and set a "neutral" rating on the stock in a report on Wednesday, September 23rd. BMO Capital Markets boosted their price target on shares of The Goldman Sachs Group from $1,070.00 to $1,190.00 and gave the company a "market perform" rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday. Keefe, Bruyette & Woods lifted their price objective on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a "market perform" rating in a report on Wednesday, July 15th. Finally, Evercore reissued an "outperform" rating on shares of The Goldman Sachs Group in a research report on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, The Goldman Sachs Group has an average rating of "Hold" and a consensus target price of $1,060.10.

The Goldman Sachs Group Stock Performance

Shares of GS opened at $935.66 on Monday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a 50-day moving average of $1,020.08 and a 200-day moving average of $981.97. The company has a market cap of $272.43 billion, a PE ratio of 14.44, a P/E/G ratio of 0.94 and a beta of 1.29. The Goldman Sachs Group has a one year low of $740.01 and a one year high of $1,153.99.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, topping analysts' consensus estimates of $14.47 by $6.51. The business had revenue of $20.34 billion for the quarter, compared to the consensus estimate of $16.22 billion. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The firm's revenue for the quarter was up 39.4% on a year-over-year basis. During the same period in the prior year, the business earned $10.91 EPS. On average, equities research analysts predict that The Goldman Sachs Group will post 69.64 EPS for the current fiscal year.

Institutional Trading of The Goldman Sachs Group

A number of large investors have recently added to or reduced their stakes in the stock. Orange County Employees Retirement System purchased a new stake in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $69,537,544,000. BlackRock Inc. purchased a new position in The Goldman Sachs Group in the second quarter valued at approximately $24,172,123,000. State Street Corp grew its holdings in The Goldman Sachs Group by 2.1% during the fourth quarter. State Street Corp now owns 19,564,783 shares of the investment management company's stock valued at $17,197,444,000 after purchasing an additional 394,198 shares during the period. Bank of America Corp DE purchased a new stake in The Goldman Sachs Group in the second quarter worth $6,756,772,000. Finally, Bank of New York Mellon Corp purchased a new stake in The Goldman Sachs Group in the second quarter worth $2,560,028,000. Hedge funds and other institutional investors own 71.21% of the company's stock.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc NYSE: GS is a global financial services company that provides investment banking, securities, asset management and wealth management services to corporations, financial institutions, governments and individuals. The company is headquartered in New York City and serves clients across North America, Europe, Asia-Pacific and other international markets.

Through its Global Banking & Markets segment, Goldman Sachs advises clients on mergers and acquisitions, capital raising, restructuring and other strategic transactions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.