GLOBALFOUNDRIES (NASDAQ:GFS) PT Lowered to $71.00 at Evercore ISI

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price reduced by Evercore ISI from $77.00 to $71.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently commented on GFS. Jefferies Financial Group assumed coverage on shares of GLOBALFOUNDRIES in a research report on Monday, May 13th. They issued a buy rating and a $62.00 price objective for the company. Needham & Company LLC reissued a hold rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. TD Cowen decreased their price target on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday. Susquehanna upped their price target on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley upped their price target on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, GLOBALFOUNDRIES presently has an average rating of Moderate Buy and a consensus price target of $57.54.

GLOBALFOUNDRIES Stock Down 1.4 %

GFS stock traded down $0.64 during midday trading on Wednesday, hitting $43.69. The company’s stock had a trading volume of 1,060,321 shares, compared to its average volume of 1,663,267. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.18 and a quick ratio of 1.59. GLOBALFOUNDRIES has a twelve month low of $42.59 and a twelve month high of $62.61. The company’s fifty day moving average price is $50.59 and its 200 day moving average price is $51.64. The stock has a market capitalization of $24.11 billion, a P/E ratio of 26.97, a PEG ratio of 4.52 and a beta of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the firm posted $0.45 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, equities research analysts predict that GLOBALFOUNDRIES will post 1.06 EPS for the current year.

Institutional Trading of GLOBALFOUNDRIES

Institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares during the period. Massmutual Trust Co. FSB ADV bought a new stake in shares of GLOBALFOUNDRIES during the 2nd quarter worth approximately $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of GLOBALFOUNDRIES during the 2nd quarter worth approximately $65,000. CWM LLC lifted its stake 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 purchasing an additional 373 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in GLOBALFOUNDRIES by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after purchasing an additional 786 shares during the last quarter.

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.