GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Lowered to $55.00 at Bank of America

GLOBALFOUNDRIES (NASDAQ:GFS) had its price target trimmed by Bank of America from $62.00 to $55.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald restated a neutral rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Susquehanna restated a neutral rating and set a $48.00 price target (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Robert W. Baird cut their price objective on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a report on Wednesday, February 14th. JPMorgan Chase & Co. cut their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating for the company in a report on Wednesday, February 14th. Finally, Evercore ISI started coverage on shares of GLOBALFOUNDRIES in a report on Tuesday. They issued an outperform rating and a $71.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $63.08.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $46.26 on Tuesday. GLOBALFOUNDRIES has a one year low of $46.23 and a one year high of $68.57. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04. The firm has a market cap of $25.34 billion, a price-to-earnings ratio of 25.42, a PEG ratio of 4.00 and a beta of 1.61. The firm’s fifty day moving average is $52.31 and its two-hundred day moving average is $54.64.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings data 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 business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.37 earnings per share. Research analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mubadala Investment Co PJSC purchased a new position in GLOBALFOUNDRIES during the 4th quarter worth $28,451,821,000. FMR LLC boosted its holdings in shares of GLOBALFOUNDRIES by 18.7% in the third quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after acquiring an additional 5,544,907 shares in the last quarter. Norges Bank purchased a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at about $80,293,000. Capital Research Global Investors boosted its holdings in shares of GLOBALFOUNDRIES by 1,042.5% in the first quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after acquiring an additional 1,201,093 shares in the last quarter. Finally, Kodai Capital Management LP purchased a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at about $67,351,000.

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.