Envestnet Portfolio Solutions Inc. Has $9.02 Million Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in The Goldman Sachs Group by 19.9%, holding 12,751 shares worth approximately $9.02 million at the end of Q2.
• Goldman Sachs reported quarterly earnings of $10.91 per share, surpassing estimates by $1.09, with revenues reaching $14.58 billion, a 14.5% year-over-year increase.
• Several analysts have updated their price targets for Goldman Sachs, with Citigroup raising it to $700 and Royal Bank of Canada to $843, reflecting a generally positive outlook despite a mix of ratings.

Envestnet Portfolio Solutions Inc. lessened its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 19.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,751 shares of the investment management company's stock after selling 3,168 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in The Goldman Sachs Group were worth $9,024,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GS. Brighton Jones LLC raised its holdings in The Goldman Sachs Group by 17.1% during the fourth quarter. Brighton Jones LLC now owns 3,474 shares of the investment management company's stock worth $1,989,000 after buying an additional 508 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in The Goldman Sachs Group by 7.0% during the fourth quarter. Revolve Wealth Partners LLC now owns 888 shares of the investment management company's stock worth $508,000 after buying an additional 58 shares during the last quarter. GAMMA Investing LLC raised its holdings in The Goldman Sachs Group by 17.1% during the first quarter. GAMMA Investing LLC now owns 7,279 shares of the investment management company's stock worth $3,977,000 after buying an additional 1,062 shares during the last quarter. Tcfg Wealth Management LLC raised its holdings in The Goldman Sachs Group by 6.7% during the first quarter. Tcfg Wealth Management LLC now owns 430 shares of the investment management company's stock worth $235,000 after buying an additional 27 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in The Goldman Sachs Group by 73.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,419 shares of the investment management company's stock worth $1,868,000 after buying an additional 1,451 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company's stock.

The Goldman Sachs Group Price Performance

GS opened at $788.52 on Tuesday. The firm has a market cap of $238.70 billion, a P/E ratio of 17.38, a PEG ratio of 1.44 and a beta of 1.42. The firm has a 50-day moving average of $762.04 and a 200 day moving average of $665.38. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.67 and a current ratio of 0.67. The Goldman Sachs Group, Inc. has a fifty-two week low of $439.38 and a fifty-two week high of $825.25.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share for the quarter, beating the consensus estimate of $9.82 by $1.09. The company had revenue of $14.58 billion during the quarter, compared to analyst estimates of $13.53 billion. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 14.32%. The firm's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.62 earnings per share. On average, research analysts expect that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GS shares. Citigroup upped their price objective on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Royal Bank Of Canada upped their price objective on shares of The Goldman Sachs Group from $750.00 to $843.00 and gave the stock a "sector perform" rating in a report on Wednesday, October 1st. JMP Securities restated a "market perform" rating and set a $600.00 price objective on shares of The Goldman Sachs Group in a report on Monday, July 14th. Zacks Research downgraded shares of The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Hsbc Global Res downgraded shares of The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $746.69.

Insider Activity at The Goldman Sachs Group

In related news, CEO David M. Solomon sold 6,608 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $712.31, for a total transaction of $4,706,944.48. Following the completion of the transaction, the chief executive officer owned 126,176 shares in the company, valued at approximately $89,876,426.56. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F.W. Rogers sold 6,008 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the transaction, the executive vice president owned 65,761 shares of the company's stock, valued at approximately $47,176,283.79. The trade was a 8.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,323 shares of company stock worth $28,111,828 in the last ninety days. Corporate insiders own 0.55% of the company's stock.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.