Evercore ISI Lowers GlobalFoundries (NASDAQ:GFS) Price Target to $55.00

GlobalFoundries (NASDAQ:GFS) had its price objective decreased by investment analysts at Evercore ISI from $71.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 21.49% from the company’s current price.

Several other brokerages also recently issued reports on GFS. Robert W. Baird lowered their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. TD Cowen lowered their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Susquehanna cut their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Trading Down 3.2 %

Shares of GFS stock opened at $45.27 on Wednesday. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The firm’s 50 day moving average price is $40.34 and its two-hundred day moving average price is $46.53. The stock has a market cap of $24.98 billion, a price-to-earnings ratio of 33.78, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the firm earned $0.47 EPS. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts anticipate that GlobalFoundries will post 1.09 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of large investors have recently bought and sold shares of GFS. Ghisallo Capital Management LLC raised its position in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after purchasing an additional 200,000 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of GlobalFoundries by 47.3% during the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after acquiring an additional 786 shares during the period. Global X Japan Co. Ltd. grew its position in shares of GlobalFoundries by 52.0% during the second quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after acquiring an additional 21,765 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of GlobalFoundries by 343.7% in the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after acquiring an additional 73,060 shares during the period. Finally, Renaissance Capital LLC lifted its position in GlobalFoundries by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock valued at $4,268,000 after purchasing an additional 17,707 shares during 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.