GLOBALFOUNDRIES (NASDAQ:GFS) PT Lowered to $43.00 at HSBC

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price trimmed by HSBC from $56.00 to $43.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other equities research analysts have also recently weighed in on GFS. Citigroup cut GLOBALFOUNDRIES from a buy rating to a neutral rating and dropped their price target for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an outperform rating and a $71.00 target price for the company. Cantor Fitzgerald reissued a neutral rating and set a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Bank of America lowered their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Finally, Susquehanna reiterated a neutral rating and set a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $61.46.

GLOBALFOUNDRIES Stock Up 2.1 %

Shares of GFS stock opened at $49.27 on Friday. The stock has a 50 day moving average of $50.86 and a 200-day moving average of $53.91. The firm has a market cap of $27.27 billion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES has a 12 month low of $45.52 and a 12 month high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The business’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the business posted $1.37 EPS. On average, equities analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

A number of hedge funds and other institutional investors have recently made changes to their positions in GFS. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after buying an additional 187 shares during the period. PNC Financial Services Group Inc. lifted its position in GLOBALFOUNDRIES by 442.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after acquiring an additional 730 shares in the last quarter. Advisors Preferred LLC acquired a new position in GLOBALFOUNDRIES in the 3rd quarter worth $58,000. Blue Trust Inc. increased its holdings in GLOBALFOUNDRIES by 31.6% during the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after purchasing an additional 363 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of GLOBALFOUNDRIES by 230.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock valued at $119,000 after purchasing an additional 1,423 shares during the period.

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.