GLOBALFOUNDRIES (NASDAQ:GFS) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI started coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a research report released on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $71.00 price target on the stock.

A number of other analysts have also recently weighed in on the stock. Cantor Fitzgerald reissued a neutral rating and set a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Susquehanna restated a neutral rating and set a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Citigroup lowered shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and lowered their target price for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. JPMorgan Chase & Co. lowered their target price on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a research report on Wednesday, February 14th. Finally, Robert W. Baird lowered their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $63.08.

GLOBALFOUNDRIES Stock Down 1.0 %

GFS stock opened at $46.89 on Tuesday. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES has a twelve month low of $46.42 and a twelve month high of $68.57. The company’s 50 day moving average is $52.47 and its two-hundred day moving average is $54.70. The stock has a market cap of $25.68 billion, a P/E ratio of 25.48, a PEG ratio of 4.04 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the company earned $1.37 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. Research analysts expect that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Global Assets Advisory LLC purchased a new position in GLOBALFOUNDRIES in the 1st quarter valued at $594,000. Renaissance Capital LLC boosted its position in shares of GLOBALFOUNDRIES by 3.0% during the 1st quarter. Renaissance Capital LLC now owns 51,595 shares of the company’s stock worth $2,689,000 after purchasing an additional 1,500 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of GLOBALFOUNDRIES by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 247,571 shares of the company’s stock worth $15,003,000 after purchasing an additional 12,634 shares in the last quarter. Mubadala Investment Co PJSC purchased a new stake in shares of GLOBALFOUNDRIES during the 4th quarter worth $28,451,821,000. Finally, Greenwood Capital Associates LLC boosted its position in shares of GLOBALFOUNDRIES by 7.9% during the 4th quarter. Greenwood Capital Associates LLC now owns 107,217 shares of the company’s stock worth $6,497,000 after purchasing an additional 7,868 shares in the last quarter.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.