Brokerages Set GLOBALFOUNDRIES Inc. (NASDAQ:GFS) PT at $57.54

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) have earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $57.54.

Several research firms have recently commented on GFS. HSBC lowered their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Jefferies Financial Group started coverage on GLOBALFOUNDRIES in a research report on Monday, May 13th. They set a “buy” rating and a $62.00 price objective for the company. Morgan Stanley boosted their target price on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, Wedbush restated an “outperform” rating and set a $65.00 price target on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $44.29 on Friday. The business’s 50-day simple moving average is $49.96 and its two-hundred day simple moving average is $50.88. GLOBALFOUNDRIES has a 52 week low of $42.59 and a 52 week high of $62.61. The stock has a market cap of $24.44 billion, a PE ratio of 27.34, a P/E/G ratio of 4.52 and a beta of 1.56. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22.

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

Institutional Trading of GLOBALFOUNDRIES

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mubadala Investment Co PJSC purchased a new stake in GLOBALFOUNDRIES in the fourth quarter worth $28,451,821,000. Marshall Wace LLP raised 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 purchasing an additional 1,299,687 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after buying an additional 201,611 shares during the period. Kodai Capital Management LP bought a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth $67,351,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of GLOBALFOUNDRIES by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after buying an additional 68,626 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.