Citigroup Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $35.00

GlobalFoundries (NASDAQ:GFS) had its price objective lowered by Citigroup from $37.00 to $35.00 in a research report report published on Thursday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen raised GlobalFoundries from a “hold” rating to a “buy” rating in a report on Monday, September 15th. BNP Paribas Exane began coverage on GlobalFoundries in a report on Friday, October 24th. They set an “outperform” rating and a $45.00 target price on the stock. Evercore ISI lifted their price target on GlobalFoundries from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday. Wedbush upped their price target on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Arete raised shares of GlobalFoundries from a “sell” rating to a “neutral” rating and set a $37.00 target price for the company in a research note on Wednesday, August 27th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $40.21.

GlobalFoundries Price Performance

NASDAQ:GFS opened at $33.05 on Thursday. The company has a quick ratio of 1.92, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The firm has a market cap of $18.27 billion, a PE ratio of -367.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.49. GlobalFoundries has a 12 month low of $29.77 and a 12 month high of $47.69. The company’s 50-day moving average price is $34.29 and its two-hundred day moving average price is $36.06.

Hedge Funds Weigh In On GlobalFoundries

A number of hedge funds and other institutional investors have recently bought and sold shares of GFS. AQR Capital Management LLC grew its holdings in GlobalFoundries by 168.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,607,792 shares of the company’s stock worth $93,463,000 after acquiring an additional 1,635,338 shares during the period. Credit Agricole S A bought a new position in shares of GlobalFoundries in the 3rd quarter worth $595,000. Raymond James Financial Inc. grew its stake in shares of GlobalFoundries by 76.8% during the third quarter. Raymond James Financial Inc. now owns 89,308 shares of the company’s stock worth $3,201,000 after purchasing an additional 38,787 shares during the period. Amundi increased its holdings in GlobalFoundries by 47.8% in the third quarter. Amundi now owns 359,380 shares of the company’s stock valued at $12,916,000 after purchasing an additional 116,286 shares during the last quarter. Finally, Man Group plc acquired a new position in GlobalFoundries in the third quarter valued at about $869,000.

GlobalFoundries Company Profile

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.