Three key executives at Goldman Sachs (GS) have sold shares of the company totaling about $13.3 million. It is reasonable to assume that these insiders capitalized on the substantial rally in GS stock that occurred on November 6, following Donald Trump’s victory in the U.S. presidential race.
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Interestingly, Goldman stock rose over 13% on November 6, fueled by expectations that the Trump administration would further ease regulations and reduce capital requirements.
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, Denis P. Coleman, Chief Financial Officer at GS, sold 12,929 shares of the company at $593.03 per share on November 6. The total value of the transaction is $7.67 million. Moreover, after the latest transaction, the total value of his holdings in GS stock stands at about $12.14 million.
At the same time, Executive Vice President of Goldman Sachs, John F.W. Rogers, divested 6,416 shares at $596.35 each, amounting to a total transaction value of $3.83 million. Following this sale, the total value of GS stock in his portfolio stands at $65.52 million.
Additionally, Sheara J. Fredman, Chief accounting officer of Goldman Sachs, offloaded 2,974 shares of the company at $594.51 each. The total transaction value is worth $1.77 million. With the completion of the latest transaction, Fredman holds shares of the company worth $5 million.
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 $18.4 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 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 $564.27, the average Goldman Sachs price target implies a 4.24% downside potential. Shares of the company have gained 55.7% year-to-date.
