Evercore ISI began coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS – Free Report) in a research note released on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $71.00 target price on the stock.
GFS has been the topic of a number of other reports. JPMorgan Chase & Co. cut their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a research report on Wednesday, February 14th. Citigroup lowered GLOBALFOUNDRIES from a buy rating to a neutral rating and cut their target price for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Susquehanna reaffirmed a neutral rating and issued a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Robert W. Baird cut their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Finally, Cantor Fitzgerald reaffirmed a neutral rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $63.08.
GLOBALFOUNDRIES Stock Down 1.0 %
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.37 EPS. As a group, sell-side analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.
Institutional Investors Weigh In On GLOBALFOUNDRIES
Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in GLOBALFOUNDRIES by 50.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after buying an additional 187 shares during the period. Advisors Asset Management Inc. acquired a new stake in GLOBALFOUNDRIES in the third quarter worth $33,000. Natixis acquired a new stake in GLOBALFOUNDRIES in the fourth quarter worth $38,000. Steward Partners Investment Advisory LLC increased its position in GLOBALFOUNDRIES by 79.3% in the first quarter. Steward Partners Investment Advisory LLC now owns 771 shares of the company’s stock worth $56,000 after buying an additional 341 shares during the period. Finally, KBC Group NV increased its position in GLOBALFOUNDRIES by 210.9% in the fourth quarter. KBC Group NV now owns 802 shares of the company’s stock worth $49,000 after buying an additional 544 shares during the period.
GLOBALFOUNDRIES Company Profile
GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.
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