Analysts Set GlobalFoundries Inc. (NASDAQ:GFS) Target Price at $54.85

GlobalFoundries Inc. (NASDAQ:GFS) has received a consensus rating of “Hold” from the fourteen research firms that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $54.85.

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Cantor Fitzgerald lowered their price target on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Finally, Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of GlobalFoundries in a report on Wednesday, August 7th.

Institutional Investors Weigh In On GlobalFoundries

A number of institutional investors have recently modified their holdings of the stock. Olympiad Research LP bought a new stake in shares of GlobalFoundries in the 3rd quarter worth $334,000. US Bancorp DE raised its holdings in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the last quarter. Pinnacle Associates Ltd. purchased a new position in shares of GlobalFoundries during the third quarter valued at approximately $382,000. China Universal Asset Management Co. Ltd. lifted its position in GlobalFoundries by 111.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,996 shares of the company’s stock valued at $282,000 after purchasing an additional 3,680 shares during the period. Finally, abrdn plc boosted its holdings in GlobalFoundries by 48.0% in the third quarter. abrdn plc now owns 34,643 shares of the company’s stock worth $1,394,000 after purchasing an additional 11,243 shares during the last quarter.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS opened at $36.63 on Friday. The stock’s 50-day moving average is $40.62 and its 200 day moving average is $46.65. The stock has a market cap of $20.21 billion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 5.90 and a beta of 1.53. GlobalFoundries has a 1-year low of $35.87 and a 1-year high of $62.61. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that GlobalFoundries will post 1.09 EPS for the current fiscal year.

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.