GlobalFoundries (NASDAQ:GFS) Stock Price Expected to Rise, Wedbush Analyst Says

GlobalFoundries (NASDAQ:GFS) had its price target raised by stock analysts at Wedbush from $40.00 to $42.00 in a research report issued on Thursday, Marketbeat reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 27.08% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Arete upgraded shares of GlobalFoundries from a “sell” rating to a “neutral” rating and set a $37.00 price target on the stock in a research note on Wednesday, August 27th. UBS Group dropped their price objective on shares of GlobalFoundries from $43.00 to $37.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Bank of America lowered shares of GlobalFoundries from a “neutral” rating to an “underperform” rating and set a $35.00 target price on the stock. in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of GlobalFoundries in a report on Wednesday, October 8th. Finally, Arete Research set a $37.00 price target on shares of GlobalFoundries in a research report on Wednesday, August 27th. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $40.21.

GlobalFoundries Stock Performance

GFS opened at $33.05 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.92. The business has a fifty day simple moving average of $34.29 and a 200 day simple moving average of $36.05. GlobalFoundries has a 1 year low of $29.77 and a 1 year high of $47.69. The company has a market capitalization of $18.27 billion, a PE ratio of -367.18, a price-to-earnings-growth ratio of 1.29 and a beta of 1.49.

Hedge Funds Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of GlobalFoundries by 4.8% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 132,288 shares of the company’s stock valued at $5,053,000 after purchasing an additional 6,022 shares during the last quarter. 111 Capital acquired a new stake in GlobalFoundries in the second quarter valued at about $343,000. Vanguard Personalized Indexing Management LLC grew its position in GlobalFoundries by 20.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,100 shares of the company’s stock valued at $615,000 after acquiring an additional 2,753 shares during the last quarter. Signaturefd LLC grew its position in GlobalFoundries by 51.3% in the first quarter. Signaturefd LLC now owns 1,026 shares of the company’s stock valued at $38,000 after acquiring an additional 348 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in GlobalFoundries by 134.1% during the second quarter. GAMMA Investing LLC now owns 1,531 shares of the company’s stock worth $58,000 after acquiring an additional 877 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.