GlobalFoundries (NASDAQ:GFS) Price Target Raised to $42.00

GlobalFoundries (NASDAQ:GFS) had its target price boosted by equities researchers at Morgan Stanley from $40.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 1.91% from the stock’s current price.

A number of other equities research analysts also recently commented on the stock. Robert W. Baird reduced their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. UBS Group assumed coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Evercore ISI reduced their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, Susquehanna reduced their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, GlobalFoundries presently has a consensus rating of “Hold” and an average target price of $50.00.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $42.82 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $61.98. The business’s 50-day moving average price is $42.37 and its 200 day moving average price is $42.33. The firm has a market cap of $23.63 billion, a P/E ratio of 31.96, a P/E/G ratio of 8.23 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. On average, equities research analysts expect that GlobalFoundries will post 1.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. FMR LLC raised its position in shares of GlobalFoundries by 7.5% during the 4th quarter. FMR LLC now owns 53,096,556 shares of the company’s stock worth $2,278,373,000 after purchasing an additional 3,721,153 shares during the last quarter. Invesco Ltd. raised its position in shares of GlobalFoundries by 10.5% during the 4th quarter. Invesco Ltd. now owns 2,331,811 shares of the company’s stock worth $100,058,000 after purchasing an additional 221,731 shares during the last quarter. State Street Corp raised its position in shares of GlobalFoundries by 8.3% during the 3rd quarter. State Street Corp now owns 1,275,554 shares of the company’s stock worth $51,341,000 after purchasing an additional 98,084 shares during the last quarter. Geode Capital Management LLC raised its position in shares of GlobalFoundries by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 912,986 shares of the company’s stock worth $39,176,000 after purchasing an additional 16,921 shares during the last quarter. Finally, Citigroup Inc. grew its stake in GlobalFoundries by 16.0% in the 3rd quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock worth $25,287,000 after acquiring an additional 86,740 shares during the period.

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.