GlobalFoundries’ (GFS) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of GlobalFoundries (NASDAQ:GFS) in a research note released on Wednesday, Marketbeat Ratings reports. The firm currently has a $60.00 price target on the stock.

Several other brokerages have also recently issued reports on GFS. Evercore ISI dropped their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC upgraded GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday. Citigroup lowered their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley upped their target price on GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $50.00.

GlobalFoundries Trading Up 8.6 %

Shares of GFS opened at $43.55 on Wednesday. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $61.98. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. The company’s fifty day simple moving average is $42.37 and its 200-day simple moving average is $42.33. The company has a market cap of $24.03 billion, a P/E ratio of 32.50, a P/E/G ratio of 8.23 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. As a group, analysts expect that GlobalFoundries will post 1.22 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in shares of GlobalFoundries by 153.9% during the 4th quarter. Signaturefd LLC now owns 678 shares of the company’s stock worth $29,000 after purchasing an additional 411 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries during the third quarter worth about $34,000. Blue Trust Inc. increased its position in shares of GlobalFoundries by 206.4% during the fourth quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock valued at $45,000 after acquiring an additional 745 shares during the last quarter. US Bancorp DE increased its position in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of GlobalFoundries in the 4th quarter valued at approximately $52,000.

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.