GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) had its price objective reduced by research analysts at Bank of America from $62.00 to $55.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential upside of 16.13% from the stock’s previous close.
GFS has been the subject of several other reports. JPMorgan Chase & Co. dropped their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Citigroup cut GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. Evercore ISI began coverage on GLOBALFOUNDRIES in a research note on Tuesday. They set an “outperform” rating and a $71.00 price objective on the stock. Susquehanna restated a “neutral” rating and set a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.08.
View Our Latest Stock Analysis on GFS
GLOBALFOUNDRIES Stock Performance
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period last year, the firm posted $1.37 earnings per share. The business’s revenue was down 11.8% on a year-over-year basis. On average, equities research analysts expect that GLOBALFOUNDRIES will post 1 earnings per share for the current year.
Institutional Investors Weigh In On GLOBALFOUNDRIES
Hedge funds have recently modified their holdings of the company. Mubadala Investment Co PJSC acquired a new position in GLOBALFOUNDRIES during the 4th quarter worth about $28,451,821,000. FMR LLC lifted its holdings in GLOBALFOUNDRIES by 18.7% during the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after buying an additional 5,544,907 shares during the period. Ameriprise Financial Inc. lifted its holdings in GLOBALFOUNDRIES by 36.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares during the period. First Trust Advisors LP lifted its holdings in GLOBALFOUNDRIES by 9.9% during the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after buying an additional 201,611 shares during the period. Finally, Norges Bank acquired a new position in GLOBALFOUNDRIES during the 4th quarter worth about $80,293,000.
GLOBALFOUNDRIES Company Profile
GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.
Further Reading
- Five stocks we like better than GLOBALFOUNDRIES
- Most Volatile Stocks, What Investors Need to Know
- United Airlines Soars on Earnings Beat
- What Are Dividend Champions? How to Invest in the Champions
- J.B. Hunt Hits the Skids: Lower Prices to Come
- What is a Stock Market Index and How Do You Use Them?
- Predicting a Bear Market: 7 Signs and Why it’s Tough to Do
Receive News & Ratings for GLOBALFOUNDRIES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GLOBALFOUNDRIES and related companies with MarketBeat.com's FREE daily email newsletter.