Robert W. Baird Issues Pessimistic Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price target cut by Robert W. Baird from $63.00 to $50.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

GFS has been the topic of several other reports. Cantor Fitzgerald decreased their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reduced their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Finally, TD Cowen reduced their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Trading Down 2.8 %

Shares of NASDAQ:GFS opened at $43.98 on Wednesday. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.42. The company has a market capitalization of $24.27 billion, a P/E ratio of 32.82, a price-to-earnings-growth ratio of 7.56 and a beta of 1.53. The company has a 50-day simple moving average of $40.28 and a 200 day simple moving average of $46.51.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share. Sell-side analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GFS. Marshall Wace LLP raised its position in GlobalFoundries by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of GlobalFoundries by 267.7% in the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the last quarter. Ghisallo Capital Management LLC raised its holdings in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after buying an additional 200,000 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of GlobalFoundries by 2,162.6% during the 3rd quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock worth $63,750,000 after buying an additional 151,384 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of GlobalFoundries by 128.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock worth $11,884,000 after buying an additional 132,170 shares during the last quarter.

GlobalFoundries Company Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.