GlobalFoundries (NASDAQ:GFS) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of GlobalFoundries (NASDAQ:GFS) in a research report sent to investors on Tuesday morning, RTT News reports. Wedbush currently has a $60.00 target price on the stock, down from their previous target price of $65.00.

Several other analysts also recently commented on GFS. Cantor Fitzgerald dropped their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. TD Cowen dropped their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Evercore ISI decreased their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $53.23.

GlobalFoundries Stock Performance

Shares of GFS stock opened at $41.37 on Tuesday. The stock has a market cap of $22.83 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53. The stock has a 50-day moving average of $40.33 and a 200-day moving average of $46.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.28 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, sell-side analysts expect that GlobalFoundries will post 1.09 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of large investors have recently modified their holdings of GFS. ICICI Prudential Asset Management Co Ltd increased its position in shares of GlobalFoundries by 18.8% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock valued at $290,000 after acquiring an additional 1,141 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in GlobalFoundries by 13.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock valued at $4,339,000 after purchasing an additional 12,948 shares during the last quarter. Versor Investments LP grew its stake in GlobalFoundries by 167.7% in the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after purchasing an additional 11,908 shares in the last quarter. Olympiad Research LP acquired a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $334,000. Finally, US Bancorp DE raised its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares in the last quarter.

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.