Miracle Mile Advisors LLC Increases Investment in Goldman Sachs

Miracle Mile Advisors LLC significantly increased its investment in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 149.2% during the fourth quarter, as revealed in its latest filing with the Securities and Exchange Commission. After purchasing 8,941 additional shares, the firm now holds a total of 14,932 shares. As per the most recent report, Miracle Mile Advisors LLC's total investment in Goldman Sachs is valued at approximately $8.55 million.

Investment Trends Among Hedge Funds

Other hedge funds have also been actively trading shares of Goldman Sachs. For instance, Mizuho Securities USA LLC dramatically raised its stake by an astounding 30,068.9% during the third quarter. They now possess a total of 7.5 million shares valued at about $3.71 billion after acquiring an additional 7.48 million shares in that quarter. Similarly, FMR LLC increased its position by 21.9%, now owning 2,898,637 shares valued at approximately $1.44 billion after a purchase of 521,054 shares.

Meanwhile, 1832 Asset Management L.P. raised its holdings in Goldman Sachs by 7,932.6% in the second quarter, ending up with 444,285 shares worth $200.96 million. Janus Henderson Group PLC also contributed by increasing its stake by 154.7% during the third quarter, which brought its ownership to 414,867 shares valued at about $205.4 million.

In addition, Congress Asset Management Co. raised its holdings by 829.0% in the same third quarter, holding 260,317 shares valued at around $128.89 million. Currently, around 71.21% of Goldman Sachs's shares are owned by hedge funds and other institutional investors.

Goldman Sachs Stock Overview

The price of Goldman Sachs shares rose by $3.75 on Monday, reaching a trading price of $563.75 with 1,855,312 shares traded compared to an average volume of 2,014,965 shares. The company has a market capitalization of $176.97 billion and a price-to-earnings ratio of 16.54. It has experienced a 12-month low of $372.07 and a high of $612.73. The stock's 50-day moving average currently stands at $583.74 while the 200-day moving average is $525.91.

Goldman Sachs recently reported its quarterly earnings on October 15, where it announced earnings per share (EPS) of $8.40, surpassing analysts' expectations of $6.89, with revenues of $12.70 billion against forecasts of $11.77 billion. Compared to the same quarter last year, revenue increased by 7.4%.

Insider Transactions

In related news, insider Brian J. Lee sold 2,000 shares on October 17 for an average price of $530.90, totaling around $1.06 million. Post-transaction, he holds 10,095 shares valued at approximately $5.36 million. Additionally, Director David A. Viniar sold 5,000 shares on November 29 at an average price of $612.08, amounting to about $3.06 million, and now owns 608,425 shares valued at approximately $372.4 million. Over the latest quarter, insiders have sold a total of 22,940 shares amounting to roughly $13.72 million, with insiders owning about 0.54% of the company's stock.

Current Analyst Ratings

Analysts have been active in upgrading their ratings for Goldman Sachs. Citigroup increased its price target from $485.00 to $585.00 and assigned a 'neutral' rating on November 21. Barclays revised their target price upward from $588.00 to $713.00 and rated the stock as 'overweight' on January 6. Meanwhile, both JMP Securities and Morgan Stanley have also lifted their price objectives, indicating a positive outlook for the stock. Across the board, eight analysts have rated the stock with a hold rating, while twelve have issued buy ratings, leading to a consensus rating of 'Moderate Buy' with an average price target of $569.31.

Understanding The Goldman Sachs Group

Goldman Sachs operates as a financial institution providing a diverse array of services, serving corporations, financial institutions, governments, and individuals globally. The company’s operations are split into Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, delivering comprehensive financial advisory and management solutions.

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