GlobalFoundries (NASDAQ:GFS) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of GlobalFoundries (NASDAQ:GFS) in a research note issued to investors on Tuesday morning,RTT News reports. Wedbush currently has a $60.00 target price on the stock, down from their previous target price of $65.00.

Several other brokerages have also issued reports 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. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reduced their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Finally, TD Cowen reduced their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Trading Down 3.2 %

NASDAQ:GFS opened at $45.27 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The company has a market cap of $24.98 billion, a P/E ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The stock’s fifty day moving average price is $40.34 and its two-hundred day moving average price is $46.53.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. GlobalFoundries’s revenue was down 6.1% on a year-over-year basis. As a group, analysts expect that GlobalFoundries will post 1.09 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

Large investors have recently made changes to their positions in the business. Marshall Wace LLP increased its position in GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after buying an additional 1,299,687 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of GlobalFoundries by 267.7% during the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after acquiring an additional 257,749 shares in the last quarter. Ghisallo Capital Management LLC raised its position in shares of GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after purchasing an additional 200,000 shares during the last quarter. International Assets Investment Management LLC boosted its stake in GlobalFoundries by 2,162.6% in the 3rd quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock worth $63,750,000 after purchasing an additional 151,384 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in GlobalFoundries by 128.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock valued at $11,884,000 after purchasing an additional 132,170 shares during the last quarter.

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.