The Goldman Sachs Group (NYSE:GS) Shares Gap Up on Earnings Beat

The Goldman Sachs Group, Inc. (NYSE:GS)’s stock price gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $389.49, but opened at $407.00. The Goldman Sachs Group shares last traded at $407.54, with a volume of 1,488,905 shares.

The investment management company reported $11.58 earnings per share for the quarter, topping the consensus estimate of $8.54 by $3.04. The Goldman Sachs Group had a return on equity of 8.03% and a net margin of 7.85%. The firm had revenue of $14.21 billion for the quarter, compared to the consensus estimate of $12.94 billion. During the same period in the prior year, the business posted $8.79 earnings per share. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms recently weighed in on GS. Barclays increased their target price on The Goldman Sachs Group from $437.00 to $493.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Daiwa Capital Markets upgraded The Goldman Sachs Group from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $410.00 to $430.00 in a research note on Thursday, March 14th. Keefe, Bruyette & Woods increased their target price on The Goldman Sachs Group from $445.00 to $485.00 and gave the company an “outperform” rating in a research note on Friday, April 5th. UBS Group increased their target price on The Goldman Sachs Group from $382.00 to $440.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, Evercore ISI increased their target price on The Goldman Sachs Group from $435.00 to $440.00 and gave the stock an “outperform” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $434.93.

Insider Activity at The Goldman Sachs Group

In other news, CFO Denis P. Coleman sold 12,680 shares of The Goldman Sachs Group stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $394.43, for a total transaction of $5,001,372.40. Following the transaction, the chief financial officer now directly owns 29,417 shares in the company, valued at approximately $11,602,947.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Kathryn H. Ruemmler sold 7,277 shares of The Goldman Sachs Group stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $379.81, for a total transaction of $2,763,877.37. Following the transaction, the insider now directly owns 6,501 shares in the company, valued at approximately $2,469,144.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Denis P. Coleman sold 12,680 shares of The Goldman Sachs Group stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $394.43, for a total value of $5,001,372.40. Following the transaction, the chief financial officer now owns 29,417 shares in the company, valued at $11,602,947.31. The disclosure for this sale can be found here. Insiders have sold a total of 35,907 shares of company stock worth $13,950,851 in the last three months. 0.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On The Goldman Sachs Group

A number of hedge funds have recently modified their holdings of the stock. Trifecta Capital Advisors LLC grew its holdings in shares of The Goldman Sachs Group by 2.5% in the 1st quarter. Trifecta Capital Advisors LLC now owns 12,584 shares of the investment management company’s stock worth $5,256,000 after acquiring an additional 301 shares during the last quarter. Independence Bank of Kentucky grew its holdings in shares of The Goldman Sachs Group by 29.7% in the 1st quarter. Independence Bank of Kentucky now owns 1,592 shares of the investment management company’s stock worth $665,000 after acquiring an additional 365 shares during the last quarter. Webster Bank N. A. grew its holdings in shares of The Goldman Sachs Group by 120.3% in the 1st quarter. Webster Bank N. A. now owns 597 shares of the investment management company’s stock worth $249,000 after acquiring an additional 326 shares during the last quarter. Norway Savings Bank grew its holdings in shares of The Goldman Sachs Group by 17.4% in the 1st quarter. Norway Savings Bank now owns 2,410 shares of the investment management company’s stock worth $1,007,000 after acquiring an additional 358 shares during the last quarter. Finally, Atwater Malick LLC grew its holdings in shares of The Goldman Sachs Group by 0.7% in the 1st quarter. Atwater Malick LLC now owns 25,210 shares of the investment management company’s stock worth $10,530,000 after acquiring an additional 171 shares during the last quarter. 71.21% of the stock is currently owned by institutional investors and hedge funds.

The Goldman Sachs Group Trading Down 1.1 %

The firm has a market cap of $128.68 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 1.51 and a beta of 1.43. The company has a 50-day moving average price of $395.32 and a 200 day moving average price of $365.08. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.29.

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.