JPMorgan Chase & Co. Increases The Goldman Sachs Group (NYSE:GS) Price Target to $605.00

The Goldman Sachs Group (NYSE:GS) had its price target raised by stock analysts at JPMorgan Chase & Co. from $550.00 to $605.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the investment management company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 0.15% from the stock’s previous close.

Several other research firms have also issued reports on GS. Citigroup increased their price objective on The Goldman Sachs Group from $485.00 to $585.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. JMP Securities increased their price objective on The Goldman Sachs Group from $525.00 to $550.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 9th. Wolfe Research upgraded The Goldman Sachs Group to a “hold” rating in a research note on Wednesday, September 18th. Morgan Stanley increased their price objective on The Goldman Sachs Group from $560.00 to $570.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, UBS Group reiterated a “neutral” rating and set a $610.00 price objective on shares of The Goldman Sachs Group in a research note on Monday, January 6th. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $572.75.

The Goldman Sachs Group Stock Up 6.0 %

Shares of GS stock opened at $605.89 on Thursday. The stock has a market cap of $190.19 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 0.66 and a beta of 1.38. The Goldman Sachs Group has a one year low of $372.07 and a one year high of $612.73. The stock has a fifty day moving average price of $585.67 and a 200 day moving average price of $527.58. The company has a debt-to-equity ratio of 2.32, a current ratio of 0.67 and a quick ratio of 0.67.

The Goldman Sachs Group (NYSE:GS) last issued its earnings results on Wednesday, January 15th. The investment management company reported $11.95 EPS for the quarter, topping the consensus estimate of $8.21 by $3.74. The firm had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $12.36 billion. The Goldman Sachs Group had a return on equity of 11.39% and a net margin of 9.89%. The Goldman Sachs Group’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period last year, the business earned $5.48 earnings per share. Analysts predict that The Goldman Sachs Group will post 37.24 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Sheara J. Fredman sold 2,974 shares of The Goldman Sachs Group stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $594.51, for a total value of $1,768,072.74. Following the completion of the sale, the chief accounting officer now directly owns 8,489 shares in the company, valued at $5,046,795.39. This trade represents a 25.94 % 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 the SEC website. Also, Director David A. Viniar sold 5,000 shares of The Goldman Sachs Group stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $612.08, for a total value of $3,060,400.00. Following the completion of the sale, the director now owns 608,425 shares of the company’s stock, valued at approximately $372,404,774. The trade was a 0.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,940 shares of company stock worth $12,656,179 over the last three months. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On The Goldman Sachs Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC lifted its stake in The Goldman Sachs Group by 6,300.0% in the 2nd quarter. Quest Partners LLC now owns 64 shares of the investment management company’s stock valued at $29,000 after acquiring an additional 63 shares in the last quarter. One Capital Management LLC acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $243,000. Moors & Cabot Inc. increased its position in shares of The Goldman Sachs Group by 3.5% during the 2nd quarter. Moors & Cabot Inc. now owns 2,637 shares of the investment management company’s stock worth $1,193,000 after purchasing an additional 88 shares during the last quarter. Bradley Foster & Sargent Inc. CT increased its position in shares of The Goldman Sachs Group by 0.5% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 7,476 shares of the investment management company’s stock worth $3,381,000 after purchasing an additional 36 shares during the last quarter. Finally, Wealth Alliance increased its position in shares of The Goldman Sachs Group by 3.5% during the 2nd quarter. Wealth Alliance now owns 1,060 shares of the investment management company’s stock worth $479,000 after purchasing an additional 36 shares during the last quarter. Institutional investors own 71.21% 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.