Carey Halio, a key executive at Goldman Sachs (GS), recently sold shares of the company totaling about $2.3 million. It is reasonable to assume that the insider has capitalized on the substantial rally in GS stock, having gained 22.3% in the past three months.
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Earlier this month, Goldman Sachs reported better-than-expected fourth-quarter results, which helped boost investor confidence. Also, the overall market sentiment has been positive, with rising demand for investment banking as well as merger and acquisition activities benefiting the company’s revenue growth.
Goldman Sachs is a global investment banking and financial services firm. For a thorough assessment of the stock, go to TipRanks’ Stock Analysis page.
A Closer Look at the Transactions
According to the latest SEC filing, Halio sold 3,640 shares of the company at a weighted average price of $636.74 per share on January 24. After the latest transaction, the total value of her holdings in GS stock stands at about $2.88 million.
It is worth highlighting that this is Halio’s second informative Sell transaction in a week. On January 23, she offloaded 1,545 shares of Goldman Sachs for a total value of $965,120.
At the same time, Goldman Sachs’ Chief Legal Officer Kathryn H. Ruemmler and Chief Accounting Officer Sheara J. Fredman divested shares worth $4.76 million and $1.28 million, respectively.
Insiders Sentiment for GS Stock Is Currently Bearish
In addition to the three executives mentioned, several other corporate insiders at Goldman have also decreased their stake in the bank. Overall, TipRanks’ Insider Trading Activity Tool shows that insider confidence in Goldman Sachs stock is currently Very Negative. Corporate insiders have sold shares of the company worth $43.1 million over the last three months.
However, this doesn’t necessarily signal trouble for the company. Given Goldman’s strong financial position and the rising demand for investment banking and trading services, these insider transactions may not be a major cause for concern.
Investors could keep close track of these notable insider activities, as they reflect the perceptions of key insiders about the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is GS a Good Investment?
Turning to Wall Street, GS stock has a Strong Buy consensus rating based on 12 Buys and four Holds assigned in the last three months. At $665.20, the average Goldman Sachs price target implies a 4.3% upside potential.
