GlobalFoundries Inc. (NASDAQ:GFS) Receives $50.21 Average Price Target from Brokerages

Shares of GlobalFoundries Inc. (NASDAQ:GFS) have earned a consensus recommendation of “Hold” from the fifteen brokerages that are covering the company, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $50.21.

Several research firms have recently weighed in on GFS. Robert W. Baird reduced their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Wedbush reiterated an “outperform” rating and issued a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. UBS Group began coverage on shares of GlobalFoundries in a research note on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target for the company. Finally, Susquehanna cut their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th.

GlobalFoundries Price Performance

NASDAQ:GFS opened at $43.10 on Wednesday. GlobalFoundries has a one year low of $35.85 and a one year high of $61.98. The firm’s fifty day moving average price is $43.08 and its two-hundred day moving average price is $43.89. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. The company has a market cap of $23.78 billion, a P/E ratio of 32.16, a P/E/G ratio of 8.70 and a beta of 1.57.

GlobalFoundries (NASDAQ:GFS) last announced 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. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. Equities analysts expect that GlobalFoundries will post 1.22 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of GlobalFoundries during the 3rd quarter valued at $34,000. US Bancorp DE raised its position in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after buying an additional 530 shares in the last quarter. AM Squared Ltd bought a new stake in shares of GlobalFoundries during the 3rd quarter worth $60,000. Advisors Asset Management Inc. increased its position in shares of GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after purchasing an additional 463 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of GlobalFoundries in the 3rd quarter valued at $66,000.

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.