The Goldman Sachs Group (NYSE:GS) Price Target Cut to $639.00 by Analysts at Oppenheimer

The Goldman Sachs Group (NYSE:GS) had its target price dropped by stock analysts at Oppenheimer from $677.00 to $639.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the investment management company’s stock. Oppenheimer’s price objective would suggest a potential upside of 10.15% from the stock’s previous close.

Several other brokerages also recently weighed in on GS. HSBC downgraded The Goldman Sachs Group from a “buy” rating to a “hold” rating and boosted their price objective for the company from $569.00 to $608.00 in a research report on Tuesday, November 26th. Bank of America upped their price target on shares of The Goldman Sachs Group from $563.00 to $575.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Wolfe Research raised shares of The Goldman Sachs Group to a “hold” rating in a report on Wednesday, September 18th. Hsbc Global Res downgraded shares of The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Barclays raised their target price on The Goldman Sachs Group from $565.00 to $588.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $558.38.

The Goldman Sachs Group Price Performance

GS stock opened at $580.13 on Friday. The firm has a market cap of $182.11 billion, a P/E ratio of 17.02, a P/E/G ratio of 0.85 and a beta of 1.38. The firm’s fifty day moving average is $578.26 and its 200 day moving average is $520.79. The Goldman Sachs Group has a 52 week low of $372.07 and a 52 week high of $612.73. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.67 and a current ratio of 0.67.

The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings data on Tuesday, October 15th. The investment management company reported $8.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.89 by $1.51. The Goldman Sachs Group had a return on equity of 11.39% and a net margin of 9.89%. The firm had revenue of $12.70 billion for the quarter, compared to analysts’ expectations of $11.77 billion. During the same period last year, the firm earned $5.47 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. Research analysts predict that The Goldman Sachs Group will post 37.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director David A. Viniar sold 5,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $612.08, for a total value of $3,060,400.00. Following the transaction, the director now owns 608,425 shares in the company, valued at $372,404,774. This represents a 0.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David M. Solomon sold 6,550 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $610.91, for a total transaction of $4,001,460.50. Following the completion of the transaction, the chief executive officer now directly owns 117,883 shares in the company, valued at approximately $72,015,903.53. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,940 shares of company stock valued at $13,717,979. Company insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On The Goldman Sachs Group

A number of hedge funds have recently modified their holdings of GS. Van ECK Associates Corp bought a new position in shares of The Goldman Sachs Group in the second quarter worth about $2,753,000. Larson Financial Group LLC increased its stake in The Goldman Sachs Group by 78.4% in the 2nd quarter. Larson Financial Group LLC now owns 1,368 shares of the investment management company’s stock worth $619,000 after buying an additional 601 shares in the last quarter. Stablepoint Partners LLC raised its holdings in The Goldman Sachs Group by 3.0% during the second quarter. Stablepoint Partners LLC now owns 816 shares of the investment management company’s stock valued at $402,000 after acquiring an additional 24 shares during the period. FineMark National Bank & Trust lifted its position in shares of The Goldman Sachs Group by 8.5% in the second quarter. FineMark National Bank & Trust now owns 3,264 shares of the investment management company’s stock valued at $1,476,000 after acquiring an additional 255 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of The Goldman Sachs Group by 4.3% in the second quarter. TD Asset Management Inc now owns 188,873 shares of the investment management company’s stock worth $85,431,000 after acquiring an additional 7,738 shares during the period. 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.