GlobalFoundries (NASDAQ:GFS) Price Target Cut to $55.00 by Analysts at Evercore ISI

GlobalFoundries (NASDAQ:GFS) had its price target lowered by equities research analysts at Evercore ISI from $71.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price target suggests a potential upside of 18.41% from the stock’s current price.

Other research analysts have also issued research reports about the company. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Susquehanna lowered their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Wednesday. Robert W. Baird lowered their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday. Finally, Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Trading Up 12.3 %

GlobalFoundries stock traded up $5.08 during midday trading on Wednesday, reaching $46.45. 3,737,766 shares of the stock traded hands, compared to its average volume of 1,593,515. The company has a 50-day simple moving average of $40.33 and a two-hundred day simple moving average of $46.53. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. The firm has a market cap of $25.63 billion, a PE ratio of 31.33, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the business posted $0.45 EPS. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts expect that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC acquired a new stake in GlobalFoundries during the third quarter valued at approximately $34,000. US Bancorp DE raised its position in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the period. Massmutual Trust Co. FSB ADV acquired a new stake in GlobalFoundries in the 2nd quarter valued at approximately $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in GlobalFoundries in the 2nd quarter valued at approximately $65,000. Finally, CWM LLC increased its position in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares during the period.

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.