GlobalFoundries (NASDAQ:GFS) Price Target Lowered to $48.00 at Susquehanna

GlobalFoundries (NASDAQ:GFS) had its price objective dropped by research analysts at Susquehanna from $50.00 to $48.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s price target would suggest a potential upside of 6.17% from the company’s current price.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday. Citigroup decreased their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. TD Cowen cut their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Finally, Wedbush restated an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.69.

GlobalFoundries Price Performance

Shares of GFS traded up $3.84 during trading hours on Wednesday, hitting $45.21. The stock had a trading volume of 2,799,809 shares, compared to its average volume of 1,590,668. The stock has a market capitalization of $24.95 billion, a price-to-earnings ratio of 31.15, a P/E/G ratio of 5.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The company’s fifty day moving average is $40.33 and its two-hundred day moving average is $46.53. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. On average, analysts anticipate that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of GlobalFoundries in the 3rd quarter valued at $34,000. Massmutual Trust Co. FSB ADV bought a new position in shares of GlobalFoundries during the 2nd quarter valued at about $59,000. US Bancorp DE grew its position in shares of GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in GlobalFoundries during the 2nd quarter worth approximately $65,000. Finally, CWM LLC boosted its holdings in shares of GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares during the period.

About GlobalFoundries

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.