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

Shares of The Goldman Sachs Group, Inc. (NYSE:GS) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. 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 changing hands.

The investment management company reported $11.58 earnings per share for the quarter, topping analysts’ consensus estimates of $8.54 by $3.04. The Goldman Sachs Group had a net margin of 7.85% and a return on equity of 8.03%. The business 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 Goldman Sachs Group’s revenue for the quarter was up 16.1% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Morgan Stanley raised shares of The Goldman Sachs Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $333.00 to $449.00 in a research note on Tuesday, January 30th. Barclays upped their price objective on shares of The Goldman Sachs Group from $437.00 to $493.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods upped their price objective on shares of The Goldman Sachs Group from $445.00 to $485.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Citigroup upped their price objective on shares of The Goldman Sachs Group from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, HSBC upped their price objective on shares of The Goldman Sachs Group from $460.00 to $470.00 and gave the stock a “buy” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, The Goldman Sachs Group has a consensus rating of “Moderate Buy” and a consensus price target of $434.93.

Insider Buying and Selling

In related news, CFO Denis P. Coleman sold 12,680 shares of The Goldman Sachs Group stock in a transaction dated 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 sale, the chief financial officer now directly owns 29,417 shares of the company’s stock, valued at $11,602,947.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other The Goldman Sachs Group news, CFO Denis P. Coleman sold 12,680 shares of The Goldman Sachs Group stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 29,417 shares of the company’s stock, valued at $11,602,947.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Treasurer Philip R. Berlinski sold 11,650 shares of The Goldman Sachs Group stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $390.64, for a total value of $4,550,956.00. Following the sale, the treasurer now directly owns 18,408 shares in the company, valued at $7,190,901.12. The disclosure for this sale can be found here. Insiders have sold a total of 35,907 shares of company stock valued at $13,950,851 over the last three months. 0.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On The Goldman Sachs Group

A number of institutional investors have recently added to or reduced their stakes in GS. International Assets Investment Management LLC bought a new position in shares of The Goldman Sachs Group in the first quarter valued at approximately $1,903,374,000. Norges Bank bought a new stake in shares of The Goldman Sachs Group during the 4th quarter valued at $1,120,119,000. Morgan Stanley raised its position in shares of The Goldman Sachs Group by 40.0% during the 4th quarter. Morgan Stanley now owns 5,936,351 shares of the investment management company’s stock valued at $2,038,425,000 after acquiring an additional 1,696,350 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of The Goldman Sachs Group by 168,772.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,244,589 shares of the investment management company’s stock valued at $427,367,000 after acquiring an additional 1,243,852 shares during the last quarter. Finally, Congress Wealth Management LLC DE raised its position in shares of The Goldman Sachs Group by 27,076.5% during the 3rd quarter. Congress Wealth Management LLC DE now owns 653,322 shares of the investment management company’s stock valued at $211,396,000 after acquiring an additional 650,918 shares during the last quarter. 71.21% of the stock is owned by institutional investors and hedge funds.

The Goldman Sachs Group Stock Down 1.1 %

The company has a market cap of $128.68 billion, a P/E ratio of 17.38, a PEG ratio of 1.51 and a beta of 1.43. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.76 and a current ratio of 0.76. The firm’s 50-day simple moving average is $395.32 and its 200 day simple moving average is $365.08.

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.