Citigroup Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $40.00

GlobalFoundries (NASDAQ:GFS) had its target price cut by Citigroup from $45.00 to $40.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Cantor Fitzgerald decreased their price target on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, TD Cowen reduced their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, GlobalFoundries presently has an average rating of “Hold” and an average price target of $50.46.

GlobalFoundries Stock Performance

GFS opened at $43.98 on Tuesday. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a market cap of $24.27 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 5.82 and a beta of 1.53. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The company’s fifty day moving average price is $40.28 and its two-hundred day moving average price is $46.51.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. During the same quarter in the prior year, the business posted $0.47 EPS. The business’s revenue was down 6.1% compared to the same quarter last year. On average, analysts expect that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Several hedge funds have recently bought and sold shares of the company. Marshall Wace LLP boosted its holdings in GlobalFoundries by 108.6% in the 2nd 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 during the period. Renaissance Technologies LLC increased its holdings in shares of GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after purchasing an additional 257,749 shares during the period. Ghisallo Capital Management LLC raised its position in shares of GlobalFoundries by 200.0% in the second 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 boosted its stake in GlobalFoundries by 2,162.6% during the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after buying an additional 151,384 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in GlobalFoundries by 128.5% during the second 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 in 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.