GlobalFoundries (NASDAQ:GFS) Given New $42.00 Price Target at Morgan Stanley

GlobalFoundries (NASDAQ:GFS) had its price target boosted by Morgan Stanley from $40.00 to $42.00 in a research note released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other brokerages have also issued reports on GFS. Cantor Fitzgerald reissued a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Susquehanna cut their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft decreased their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.00.

GlobalFoundries Stock Up 8.6 %

Shares of GFS opened at $43.55 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a 50-day simple moving average of $42.37 and a 200-day simple moving average of $42.33. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $61.98. The firm has a market capitalization of $24.03 billion, a P/E ratio of 32.50, a P/E/G ratio of 8.23 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. On average, equities research analysts expect that GlobalFoundries will post 1.22 earnings per share for the current year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GFS. Quantbot Technologies LP boosted its position in GlobalFoundries by 89.0% in the 3rd quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after buying an additional 34,731 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in GlobalFoundries by 1,935.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock valued at $5,120,000 after acquiring an additional 120,960 shares during the last quarter. SG Americas Securities LLC acquired a new stake in GlobalFoundries in the fourth quarter worth about $1,748,000. Versor Investments LP raised its holdings in GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after purchasing an additional 11,908 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in GlobalFoundries during the 3rd quarter valued at about $8,361,000.

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.