GlobalFoundries (NASDAQ:GFS) Now Covered by Argus

Analysts at Argus assumed coverage on shares of GlobalFoundries (NASDAQ:GFS) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $52.00 price target on the stock. Argus’ price objective points to a potential upside of 31.48% from the stock’s previous close.

Several other research firms have also issued reports on GFS. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of GlobalFoundries in a report on Monday, May 5th. UBS Group lowered their target price on GlobalFoundries from $45.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Citigroup cut their price target on shares of GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Finally, Morgan Stanley decreased their price objective on shares of GlobalFoundries from $42.00 to $38.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.50.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $39.55 on Tuesday. The company has a fifty day moving average price of $37.38 and a 200-day moving average price of $38.73. The firm has a market cap of $21.87 billion, a price-to-earnings ratio of -116.32, a PEG ratio of 1.23 and a beta of 1.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.51 and a quick ratio of 1.77. GlobalFoundries has a 1 year low of $29.77 and a 1 year high of $61.98.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.06. GlobalFoundries had a negative net margin of 2.77% and a positive return on equity of 6.28%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company earned $0.31 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities research analysts predict that GlobalFoundries will post 1.31 EPS for the current fiscal year.

Institutional Trading of GlobalFoundries

A number of institutional investors have recently modified their holdings of GFS. Voya Investment Management LLC boosted its stake in GlobalFoundries by 2.9% in the 1st quarter. Voya Investment Management LLC now owns 12,288 shares of the company’s stock worth $454,000 after purchasing an additional 346 shares during the period. Rhumbline Advisers grew its stake in GlobalFoundries by 1.5% during the first quarter. Rhumbline Advisers now owns 90,226 shares of the company’s stock valued at $3,330,000 after acquiring an additional 1,311 shares in the last quarter. Strs Ohio purchased a new position in GlobalFoundries during the first quarter valued at approximately $1,164,000. Bayforest Capital Ltd bought a new stake in GlobalFoundries during the 1st quarter worth approximately $180,000. Finally, Woodline Partners LP purchased a new stake in GlobalFoundries in the 1st quarter worth approximately $33,504,000.

About GlobalFoundries

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.