GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives $73.13 Average Target Price from Analysts

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFSGet Rating) have received an average recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $73.13.

Several equities analysts have recently issued reports on the company. Needham & Company LLC lowered their price target on GLOBALFOUNDRIES to $50.00 in a research report on Tuesday, July 5th. JPMorgan Chase & Co. dropped their target price on shares of GLOBALFOUNDRIES from $82.00 to $77.00 in a research note on Wednesday, May 11th. Bank of America reduced their price target on shares of GLOBALFOUNDRIES from $75.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on GLOBALFOUNDRIES from $70.00 to $55.00 in a research report on Wednesday, July 20th. Finally, Susquehanna Bancshares cut their target price on GLOBALFOUNDRIES from $85.00 to $75.00 in a research note on Monday, July 11th.

Institutional Trading of GLOBALFOUNDRIES

Hedge funds and other institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina raised its stake in shares of GLOBALFOUNDRIES by 1.6% in the 1st quarter. Treasurer of the State of North Carolina now owns 19,300 shares of the company’s stock valued at $1,205,000 after acquiring an additional 310 shares during the period. TFC Financial Management raised its position in GLOBALFOUNDRIES by 133.3% in the first quarter. TFC Financial Management now owns 700 shares of the company’s stock valued at $44,000 after purchasing an additional 400 shares during the period. IndexIQ Advisors LLC acquired a new position in GLOBALFOUNDRIES during the first quarter worth $26,000. Prospera Financial Services Inc purchased a new position in shares of GLOBALFOUNDRIES during the first quarter worth $28,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 12.09% of the company’s stock.

GLOBALFOUNDRIES Trading Down 1.0 %

Shares of GFS opened at $53.09 on Friday. The firm’s 50-day simple moving average is $48.24 and its two-hundred day simple moving average is $53.80. GLOBALFOUNDRIES has a fifty-two week low of $36.81 and a fifty-two week high of $79.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.35 and a current ratio of 1.70.

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.19. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.90 billion. The business’s quarterly revenue was up 36.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.25) EPS. Sell-side analysts forecast that GLOBALFOUNDRIES will post 1.97 EPS for the current year.

GLOBALFOUNDRIES Company Profile

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GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

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Analyst Recommendations for GLOBALFOUNDRIES (NASDAQ:GFS)

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