Wells Fargo & Company Raises Price Target for The Goldman Sachs Group

Wells Fargo & Company has raised its target price for The Goldman Sachs Group (NYSE:GS) from $680.00 to $720.00 according to a research report released to clients and investors on Wednesday. The brokerage firm assigned an "overweight" rating to the stock, indicating a positive outlook. This new price target suggests a potential upside of 7.23% based on the stock's previous closing price.

Market Commentary

A variety of other analysts have also recently provided updates on The Goldman Sachs Group's stock. On November 21st, Citigroup increased their price target from $485.00 to $585.00 while giving the company a "neutral" rating. Keefe, Bruyette & Woods adjusted their target from $686.00 to $690.00 with an "outperform" rating on January 16th. Barclays also raised their price target from $713.00 to $760.00 and maintained an "overweight" rating on the same day. On the other hand, HSBC Global Research downgraded the company from a "strong-buy" to a "hold" rating in a report dated November 26th. Lastly, JPMorgan Chase raised their price target from $550.00 to $605.00, reaffirming an "overweight" rating on January 16th. According to data from MarketBeat.com, a total of eight analysts have a hold rating, while twelve have recommended buying the stock, resulting in an average rating of "Moderate Buy" and a consensus price target of $593.56.

Stock Performance

On Wednesday, shares of The Goldman Sachs Group opened at $671.44. The stock's 50-day moving average stands at $608.24, while the 200-day moving average is at $555.16. Over the last twelve months, shares have experienced a low of $380.85 and a high of $672.19. Currently, the company has a market capitalization of $208.45 billion, with a price-to-earnings ratio of 16.56, a PEG ratio of 0.92, and a beta of 1.39. The current ratio and quick ratio are both at 0.67, while the debt-to-equity ratio stands at 2.32.

Recent Earnings Report

The Goldman Sachs Group released its quarterly earnings data on January 15th, reporting an impressive earnings per share (EPS) of $11.95, which exceeded the consensus estimate of $8.21 by $3.74. The company achieved a net margin of 11.32% as well as a return on equity of 13.30%. Revenue for the quarter totaled $13.87 billion, surpassing the forecast of $12.36 billion. In comparison to the same quarter last year, the revenue grew by 22.5%, and the EPS rose from $5.48 to $11.95. Analysts are predicting an EPS of 47.12 for the current fiscal year.

Insider Activity

Recently, some insider trading activity has been reported at The Goldman Sachs Group. CAO Sheara J. Fredman sold 2,034 shares on January 21st at an average price of $627.01, totaling approximately $1.28 million. Following this sale, she holds 6,455 shares valued at around $4.05 million, representing a 23.96% decrease in her holdings. Additionally, CEO David M. Solomon sold 6,550 shares on November 29th at $610.91 each, accumulating around $4 million. He now owns about 117,883 shares worth approximately $72 million after a 5.26% decrease in his ownership. In total, insiders have sold 31,475 shares worth about $19.69 million in the last three months, with corporate insiders holding 0.57% of the company’s stock.

Institutional Investor Activity

Various institutional investors and hedge funds have also made adjustments to their positions in The Goldman Sachs Group. Stephens Consulting LLC acquired a new stake worth roughly $26,000 during the fourth quarter. Asset Planning Inc and Curio Wealth LLC made new stakes valued at approximately $29,000 and $30,000 respectively in the same quarter. DT Investment Partners LLC increased its position by 110% in the third quarter, now owning 63 shares valued at about $31,000. Transcend LLC and many more have added to their positions, indicating continued interest in the stock. Currently, 71.21% of the stock is owned by institutional investors and hedge funds.

Company Overview

The Goldman Sachs Group, Inc. is a prominent financial institution offering a wide array of financial services to corporations, governments, financial institutions, and individuals around the world. The firm operates through three main segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. These services encompass financial advisory for mergers and acquisitions, corporate restructuring, relationship lending, and secured financing, among others.

Goldman, Sachs, Wells, Fargo, Stock