GlobalFoundries (NASDAQ:GFS) Earns “Neutral” Rating from Cantor Fitzgerald

GlobalFoundries (NASDAQ:GFS)‘s stock had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald in a research note issued on Wednesday, Benzinga reports. They currently have a $40.00 price objective on the stock. Cantor Fitzgerald’s price objective indicates a potential downside of 10.59% from the company’s current price.

Several other research firms have also recently weighed in on GFS. Evercore ISI cut their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird lowered their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Wedbush reiterated an “outperform” rating and set a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Citigroup lowered their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, TD Cowen lowered their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $52.23.

GlobalFoundries Price Performance

Shares of GFS stock traded up $3.37 during trading on Wednesday, hitting $44.74. The company had a trading volume of 735,710 shares, compared to its average volume of 1,581,068. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The firm has a market capitalization of $24.69 billion, a P/E ratio of 30.44, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53. The stock’s 50-day moving average price is $40.33 and its 200 day moving average price is $46.53. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts expect that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Trading of GlobalFoundries

Several hedge funds have recently bought and sold shares of the business. ICICI Prudential Asset Management Co Ltd grew its position in GlobalFoundries by 18.8% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock valued at $290,000 after purchasing an additional 1,141 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in GlobalFoundries by 13.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock valued at $4,339,000 after acquiring an additional 12,948 shares during the period. Versor Investments LP raised its stake in GlobalFoundries by 167.7% in the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after acquiring an additional 11,908 shares during the period. Olympiad Research LP bought a new stake in GlobalFoundries in the 3rd quarter valued at about $334,000. Finally, US Bancorp DE raised its stake in GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 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.