The Goldman Sachs Group (NYSE:GS) Stock Price Target Cut by BMO Capital Markets

The Goldman Sachs Group (NYSE:GS) had its target price decreased by equities researchers at BMO Capital Markets from $972.00 to $970.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “market perform” rating on the investment management company’s stock. BMO Capital Markets’ price target suggests a potential upside of 9.31% from the company’s previous close.

Several other equities research analysts have also commented on GS. Barclays boosted their price target on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group set a $1,299.00 price objective on shares of The Goldman Sachs Group in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price objective on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 15th. Zacks Research lowered The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Finally, Weiss Ratings upgraded The Goldman Sachs Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 25th. Ten investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, The Goldman Sachs Group has an average rating of “Hold” and an average price target of $1,055.60.

The Goldman Sachs Group Price Performance

GS opened at $887.36 on Tuesday. The company has a market capitalization of $258.37 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.98 and a beta of 1.29. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 3.17. The Goldman Sachs Group has a 12-month low of $740.01 and a 12-month high of $1,153.99. The business’s fifty day simple moving average is $995.67 and its 200-day simple moving average is $987.40.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, beating the consensus estimate of $14.47 by $6.51. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The firm had revenue of $20.34 billion during the quarter, compared to the consensus estimate of $16.22 billion. During the same period in the previous year, the company posted $10.91 earnings per share. The firm’s quarterly revenue was up 39.4% on a year-over-year basis. On average, equities research analysts anticipate that The Goldman Sachs Group will post 67.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On The Goldman Sachs Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Audent Global Asset Management LLC increased its position in shares of The Goldman Sachs Group by 10.1% in the 4th quarter. Audent Global Asset Management LLC now owns 5,238 shares of the investment management company’s stock valued at $4,604,000 after acquiring an additional 479 shares during the period. Wealthfront Advisers LLC purchased a new position in The Goldman Sachs Group in the 2nd quarter worth $53,720,000. Oak Grove Capital LLC acquired a new stake in The Goldman Sachs Group during the 4th quarter worth about $1,890,000. Sax Wealth Advisors LLC lifted its position in The Goldman Sachs Group by 148.7% during the 2nd quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company’s stock worth $3,569,000 after acquiring an additional 2,110 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in The Goldman Sachs Group by 14.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company’s stock valued at $17,606,000 after purchasing an additional 2,230 shares during the last quarter. 71.21% of the stock is owned by hedge funds and other institutional investors.

The Goldman Sachs Group News Summary

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Goldman’s recent quarterly results substantially exceeded expectations, with earnings per share of $20.98 and revenue of $20.34 billion, up 39.4% year over year. The firm’s valuation following the selloff is being viewed by some analysts as a potential value opportunity. Goldman Sachs: Selloff Makes Stock a Value Play
• Positive Sentiment: Goldman appointed star banker George Dunlevie to co-lead its technology banking business, a move that could strengthen coverage of the sector and support future advisory and capital-markets revenue. Star Goldman Sachs Banker to Co-Lead Tech Banking
• Neutral Sentiment: Goldman forecasts that artificial-intelligence investment could help drive a 27% increase in S&P 500 profits, potentially supporting market activity and demand for the firm’s trading, investment-banking and asset-management services. Goldman Sachs Forecasts S&P 500 Profit Growth
• Neutral Sentiment: Goldman said its systems were not affected by the EY data breach and that client assets remain safe. However, its wealth-management business was among the affected clients, creating potential reputational and compliance concerns. Goldman Sachs Client Data Exposed in EY Data Breach
• Negative Sentiment: Citi has overtaken Goldman in global IPO underwriting rankings after winning several major listings, raising concerns that Goldman could lose future equity-capital-markets mandates and related fees. Goldman Sachs IPO Underwriting Ranking
• Negative Sentiment: BMO lowered its GS price target to $970 from $972 and retained a market-perform rating. Goldman’s indication that it is not yet ready to raise its 14%–16% through-the-cycle return-on-equity target also limits the near-term bullish case. BMO Cuts Goldman Sachs Price Target
• Negative Sentiment: Analysts have questioned whether Goldman has the necessary earnings-momentum indicators for another upside surprise in its upcoming report, adding caution ahead of earnings.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.