GlobalFoundries (NASDAQ:GFS) Given New $50.00 Price Target at Robert W. Baird

GlobalFoundries (NASDAQ:GFS) had its price objective cut by Robert W. Baird from $63.00 to $50.00 in a report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently commented on GFS. Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. Evercore ISI dropped their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Price Performance

Shares of NASDAQ:GFS traded down $0.81 during mid-day trading on Wednesday, reaching $45.98. The stock had a trading volume of 200,322 shares, compared to its average volume of 1,601,949. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The company has a market cap of $25.37 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The business’s 50 day moving average price is $40.35 and its 200 day moving average price is $46.54.

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

Institutional Investors Weigh In On GlobalFoundries

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the third quarter worth approximately $34,000. Massmutual Trust Co. FSB ADV purchased a new position in shares of GlobalFoundries during the second quarter worth $59,000. US Bancorp DE boosted its position in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after buying an additional 530 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of GlobalFoundries during the second quarter worth $65,000. Finally, CWM LLC raised its stake 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 acquiring an additional 373 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.