abrdn plc Sells 2,102 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

abrdn plc lowered its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 6.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 32,541 shares of the company’s stock after selling 2,102 shares during the quarter. abrdn plc’s holdings in GlobalFoundries were worth $1,396,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in GlobalFoundries in the third quarter valued at approximately $34,000. Blue Trust Inc. lifted its holdings in shares of GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock valued at $45,000 after purchasing an additional 745 shares during the last quarter. US Bancorp DE boosted its position in shares of GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares in the last quarter. AM Squared Ltd purchased a new position in GlobalFoundries during the 3rd quarter worth $60,000. Finally, Advisors Asset Management Inc. increased its position in GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after buying an additional 463 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. UBS Group initiated coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a report on Wednesday, November 6th. Evercore ISI reduced their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lowered their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Robert W. Baird cut their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.21.

GlobalFoundries Trading Down 1.8 %

Shares of GlobalFoundries stock opened at $37.74 on Tuesday. The company has a 50-day moving average of $42.63 and a two-hundred day moving average of $42.49. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $61.98. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. The stock has a market cap of $20.82 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56.

GlobalFoundries 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.