One of Goldman Sachs’ (GS) directors, John Hess, recently purchased shares of the company worth $2 million. It is worth noting that the move came shortly after the firm’s impressive first-quarter results. This move signals confidence in the investment bank’s prospects amid a challenging economic scenario.
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According to the SEC filing, Hess purchased 3,904 shares of Goldman in multiple transactions. The shares were bought at prices ranging from $507.96 to $517.45.
It must be highlighted that Hess is the CEO of Hess Corporation (HESS), a global energy company.
Importantly, insider investments like this often serve as a positive signal to investors, reflecting confidence in the company’s long-term potential.
GS Reports Strong Q1 Results
Goldman posted robust Q1 results on April 14. The company’s profit rose 15% year-over-year to $4.74 billion. Also, total revenue grew by 6% to $15 billion, driven by a 27% surge in equity trading revenue. Further, the bank exceeded Wall Street estimates despite global uncertainties and trade tensions.
Moreover, Goldman’s board authorized a multi-year share repurchase program of up to $40 billion, reflecting confidence in its capital position.
It’s likely that GS’ impressive performance and positive outlook helped boost the director’s confidence in the stock.
Is GS a Good Stock to Buy?
On TipRanks, GS stock has a Moderate Buy consensus rating based on seven Buys and eight Holds assigned in the last three months. At $610, the average Goldman Sachs stock price target implies a 19.73% upside potential. Shares of the company have declined 19.3% over the past three months.
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