The Goldman Sachs Group (NYSE:GS) Price Target Raised to $677.00 at HSBC

Key Points

• HSBC has raised its price target for The Goldman Sachs Group from $652.00 to $677.00, indicating a projected downside of 14.34% from the current stock price.
• Multiple brokerages have provided mixed ratings, with Citigroup increasing its target to $700.00 and Deutsche Bank lifting theirs to $790.00, while HSBC has downgraded the stock to a "moderate sell" rating.
• Goldman Sachs reported a 14.5% revenue increase year-over-year, with an earnings per share of $10.91 for the last quarter, surpassing estimates significantly.

The Goldman Sachs Group (NYSE:GS - Get Free Report) had its price target raised by research analysts at HSBC from $652.00 to $677.00 in a research note issued to investors on Thursday,MarketScreener reports. HSBC's price target points to a potential downside of 14.34% from the company's current price.

Several other brokerages also recently issued reports on GS. 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. Citigroup increased their price target on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Zacks Research cut The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Weiss Ratings restated a "hold (c+)" rating on shares of The Goldman Sachs Group in a report on Saturday, September 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on The Goldman Sachs Group from $725.00 to $790.00 and gave the stock a "hold" rating in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $717.00.

The Goldman Sachs Group Stock Up 1.4%

The Goldman Sachs Group stock opened at $790.32 on Thursday. The firm has a market cap of $239.25 billion, a price-to-earnings ratio of 17.42, a P/E/G ratio of 1.62 and a beta of 1.42. The firm has a fifty day moving average price of $755.05 and a two-hundred day moving average price of $655.05. The Goldman Sachs Group has a fifty-two week low of $439.38 and a fifty-two week high of $825.25. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.67 and a quick ratio of 0.67.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its 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 Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The firm had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the prior year, the company earned $8.62 EPS. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts forecast that The Goldman Sachs Group will post 47.12 earnings per share for the current year.

Insider Activity

In other 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 value of $4,706,944.48. Following the transaction, the chief executive officer directly owned 126,176 shares of the company's stock, valued at $89,876,426.56. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John E. Waldron sold 9,000 shares of The Goldman Sachs Group stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $750.51, for a total transaction of $6,754,590.00. Following the completion of the sale, the chief operating officer owned 106,268 shares of the company's stock, valued at approximately $79,755,196.68. The trade was a 7.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,323 shares of company stock valued at $28,111,828. Company insiders own 0.55% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GS. Canada Pension Plan Investment Board lifted its position in shares of The Goldman Sachs Group by 28.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 524,296 shares of the investment management company's stock worth $286,418,000 after buying an additional 116,535 shares during the last quarter. Clear Creek Financial Management LLC acquired a new stake in shares of The Goldman Sachs Group in the 1st quarter valued at approximately $321,000. Blueshift Asset Management LLC increased its position in The Goldman Sachs Group by 161.8% during the 1st quarter. Blueshift Asset Management LLC now owns 1,055 shares of the investment management company's stock worth $576,000 after purchasing an additional 652 shares in the last quarter. Adams Diversified Equity Fund Inc. lifted its stake in The Goldman Sachs Group by 41.5% in the 1st quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company's stock valued at $27,205,000 after purchasing an additional 14,600 shares during the last quarter. Finally, Terra Nova Asset Management LLC bought a new stake in shares of The Goldman Sachs Group during the first quarter worth $1,643,000. 71.21% of the stock is currently owned by institutional investors and hedge funds.

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.

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