GlobalFoundries (NASDAQ:GFS) Price Target Cut to $50.00 by Analysts at JPMorgan Chase & Co.

GlobalFoundries (NASDAQ:GFS) had its target price dropped by JPMorgan Chase & Co. from $57.00 to $50.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 37.65% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Robert W. Baird set a $140.00 price target on shares of GlobalFoundries in a research note on Thursday, August 6th. Jefferies Financial Group restated a “hold” rating and set a $50.00 price objective on shares of GlobalFoundries in a research note on Wednesday. Deutsche Bank Aktiengesellschaft set a $75.00 price objective on GlobalFoundries in a report on Monday, August 10th. Needham & Company LLC decreased their price objective on GlobalFoundries from $80.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of GlobalFoundries in a research report on Wednesday, August 26th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.42.

GlobalFoundries Stock Down 10.0%

Shares of GFS traded down $4.01 during mid-day trading on Thursday, hitting $36.33. 13,673,232 shares of the company’s stock were exchanged, compared to its average volume of 4,477,997. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.48 and a quick ratio of 1.74. GlobalFoundries has a 52 week low of $32.02 and a 52 week high of $92.55. The company has a market cap of $19.93 billion, a PE ratio of 28.38, a P/E/G ratio of 1.36 and a beta of 1.78. The company has a 50-day simple moving average of $46.18 and a 200 day simple moving average of $54.93.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. GlobalFoundries had a net margin of 10.36% and a return on equity of 6.69%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, research analysts forecast that GlobalFoundries will post 1.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Pradheepa Raman sold 6,760 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $51.12, for a total transaction of $345,571.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,590 shares of company stock worth $620,877 in the last 90 days.

Institutional Trading of GlobalFoundries

A number of large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of GlobalFoundries in the 3rd quarter valued at about $30,000. FNY Investment Advisers LLC acquired a new position in shares of GlobalFoundries during the 2nd quarter worth about $60,000. Parallel Advisors LLC raised its holdings in shares of GlobalFoundries by 39.8% in the 1st quarter. Parallel Advisors LLC now owns 832 shares of the company’s stock valued at $37,000 after purchasing an additional 237 shares during the period. Global Assets Advisory LLC bought a new stake in shares of GlobalFoundries in the 1st quarter valued at about $53,000. Finally, Signaturefd LLC lifted its stake in GlobalFoundries by 22.3% in the 3rd quarter. Signaturefd LLC now owns 1,370 shares of the company’s stock valued at $66,000 after purchasing an additional 250 shares during the last quarter.

Key Headlines Impacting GlobalFoundries

Here are the key news stories impacting GlobalFoundries this week:

• Positive Sentiment: GlobalFoundries reported Q3 earnings of $0.53 per share, above the $0.51 consensus, and revenue of $1.90 billion versus $1.89 billion expected. Revenue grew 12.5% year over year, and reports highlighted improved margins and commitments that could support future growth. GlobalFoundries Q3 financial results Margins improve and future commitments
• Neutral Sentiment: Analyst views remain mixed: Susquehanna lowered its target from $125 to $110 while retaining a positive rating; TD Cowen cut its target from $75 to $60 but kept a buy rating; Needham reduced its target from $80 to $55 and also maintained a buy rating. Read More. · Read More. · Read More.
• Negative Sentiment: Wedbush cut its price target sharply, from $72 to $45, and downgraded its stance to neutral. The cluster of target reductions may have overshadowed the quarterly beat and raised concerns about near-term upside expectations. Read More.

About GlobalFoundries

GlobalFoundries Inc (NASDAQ:GFS) is a semiconductor manufacturer that operates as a contract foundry, producing chips designed by other companies. The company provides wafer fabrication and related services for customers in the automotive, communications infrastructure, aerospace and defense, industrial, and consumer electronics markets.

GlobalFoundries specializes in differentiated semiconductor technologies rather than competing primarily in the most advanced logic-processing nodes. Its offerings include radio-frequency and silicon-on-insulator technologies, embedded memory, power-management solutions, high-voltage processes, silicon photonics, and other specialty platforms used in connectivity, sensing, automotive electronics, and edge-computing applications.

The company was established in 2009 through the separation of Advanced Micro Devices’ manufacturing operations, with investment from the Abu Dhabi-based Advanced Technology Investment Company.