Multinational financial services institution Goldman Sachs Group, Inc. (GS) unveiled Goldman Sachs Financial Cloud for Data along with Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. (AMZN) company.
The newly-launched suite will offer cloud-based financial data management and analytics solutions for hedge funds, asset managers and other institutional clients.
The combination of Goldman’s market coverage and expertise with AWS’s innovation and velocity will enable clients to discover, organize, and analyze data in the cloud, giving them rapid insights, resulting in enhanced investment outcomes.
In addition, customers will gain secure access to superior financial data from Goldman Sachs.
Goldman Sachs CEO, David Solomon, stated, “Today, we are redefining the future of cloud for financial services as we enable developers to focus on building financial solutions for their customers”
He further added, “We are excited to bring together the two leading firms in financial services and cloud computing to deliver an unparalleled solution for financial data management and analytics on the cloud, revolutionizing how our clients extract value from the increasing wealth of information in our industry.”
Amazon Web Services, Inc. CEO, Adam Selipsky, added, “Combining Goldman Sachs’ data and over a century of financial services knowledge with the reliability, security, and industry expertise of AWS will reimagine financial services technology and put developer-focused, cost-efficient technologies in the hands of all organizations.”
Overall, the stock commands a Strong Buy consensus rating based on 11 Buys and 2 Holds. The average Goldman Sachs price target of $464.15 implies 20.12% upside potential to current levels. Shares have gained 64% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 96% Bullish on GS, compared to a sector average of 70%.