TD Cowen started coverage on shares of The Goldman Sachs Group (NYSE:GS – Get Free Report) in a research note issued to investors on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $1,050.00 price target on the investment management company’s stock. TD Cowen’s price target points to a potential upside of 18.33% from the company’s previous close.
Other equities analysts have also issued reports about the company. Morgan Stanley set a $1,145.00 price target on The Goldman Sachs Group in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 15th. Loop Capital set a $1,050.00 target price on shares of The Goldman Sachs Group in a research report on Thursday. Jefferies Financial Group set a $1,299.00 price target on shares of The Goldman Sachs Group in a report on Wednesday, July 15th. Finally, Bank of America lifted their price target on shares of The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Eleven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1,055.09.
Check Out Our Latest Report on GS
The Goldman Sachs Group Stock Down 1.1%
The Goldman Sachs Group (NYSE:GS – Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, beating analysts’ consensus estimates of $14.47 by $6.51. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The firm had revenue of $20.34 billion for the quarter, compared to analysts’ expectations of $16.22 billion. During the same period in the previous year, the company posted $10.91 earnings per share. The Goldman Sachs Group’s revenue was up 39.4% compared to the same quarter last year. Equities analysts forecast that The Goldman Sachs Group will post 67.92 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Audent Global Asset Management LLC grew its holdings in The Goldman Sachs Group by 10.1% during 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 buying an additional 479 shares in the last quarter. Wealthfront Advisers LLC purchased a new stake in The Goldman Sachs Group during the second quarter valued at $53,720,000. Oak Grove Capital LLC bought a new position in The Goldman Sachs Group during the fourth quarter valued at $1,890,000. Sax Wealth Advisors LLC grew its stake in shares of The Goldman Sachs Group by 148.7% in the 2nd quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company’s stock worth $3,569,000 after buying an additional 2,110 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of The Goldman Sachs Group by 14.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company’s stock worth $17,606,000 after buying an additional 2,230 shares in the last quarter. 71.21% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting The Goldman Sachs Group
Here are the key news stories impacting The Goldman Sachs Group this week:
- Positive Sentiment: Goldman Sachs’ forecast for a 27% increase in S&P 500 profits, supported by artificial-intelligence investment, could benefit the firm’s trading, investment-banking and asset-management businesses if stronger corporate activity follows. Goldman Sachs forecasts 27% jump in S&P 500 profits
- Positive Sentiment: A high-profile Goldman banker, George Dunlevie, is reportedly set to co-lead the firm’s technology-banking business, potentially strengthening its ability to win lucrative technology mandates. Star Goldman Sachs Banker Dunlevie to Co-Lead Tech Banking
- Positive Sentiment: Despite the selloff, one analysis characterizes GS as a value opportunity, while BMO’s $970 price target remains above the recent share price, although BMO maintains a “market perform” rating. Goldman Sachs Selloff Makes Stock a Value Play
- Neutral Sentiment: Goldman disclosed that its own systems were not affected by the EY data breach and that client assets remain safe, but its wealth-management operations were among the affected parties. The incident could create reputational and compliance scrutiny without indicating a direct financial loss so far. Goldman Sachs client data exposed in EY data breach
- Negative Sentiment: Citi has reportedly overtaken Goldman in global IPO underwriting rankings after winning several major listings. Losing leadership in equity capital markets could pressure future underwriting fees and weaken investor confidence in Goldman’s franchise. Is Goldman Sachs Losing Its Grip on Global IPO Underwriting?
- Negative Sentiment: Goldman is not yet ready to raise its 14%–16% through-cycle return-on-equity target, suggesting management sees limited near-term room for profitability upgrades. UBS and BMO have also lowered expectations or price targets, adding pressure to the shares. Goldman Sachs ROE target analysis
- Negative Sentiment: Analysts question whether Goldman has the combination of factors needed for an earnings beat in its upcoming report, increasing uncertainty ahead of results. Broader warnings about rising U.S. debt and potentially weaker Treasury demand also point to a more challenging macroeconomic backdrop for financial markets. Goldman Sachs Earnings Expected to Grow
The Goldman Sachs Group Company Profile
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.
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