GlobalFoundries (NASDAQ:GFS) Upgraded to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of GlobalFoundries (NASDAQ:GFS) from a hold rating to a buy rating in a research note released on Wednesday, Marketbeat.com reports. They currently have $50.00 price target on the stock.

Several other research analysts have also recently issued reports on the stock. Robert W. Baird reduced their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Evercore ISI reduced their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Susquehanna lowered their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Finally, Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $53.00 to $43.00 in a report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, GlobalFoundries presently has an average rating of “Hold” and an average price target of $50.00.

GlobalFoundries Stock Up 8.6 %

Shares of GFS stock opened at $43.55 on Wednesday. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $61.98. The firm has a market capitalization of $24.03 billion, a PE ratio of 32.50, a P/E/G ratio of 8.23 and a beta of 1.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The stock’s 50-day simple moving average is $42.37 and its 200-day simple moving average is $42.33.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share 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%. Equities analysts expect that GlobalFoundries will post 1.22 earnings per share for the current year.

Institutional Investors Weigh In On GlobalFoundries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale increased its stake in GlobalFoundries by 4.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock worth $357,000 after buying an additional 340 shares in the last quarter. Signaturefd LLC boosted its stake in shares of GlobalFoundries by 153.9% in the fourth quarter. Signaturefd LLC now owns 678 shares of the company’s stock worth $29,000 after acquiring an additional 411 shares during the last quarter. American Century Companies Inc. increased its position in shares of GlobalFoundries by 1.7% during the fourth quarter. American Century Companies Inc. now owns 25,949 shares of the company’s stock worth $1,113,000 after purchasing an additional 438 shares in the last quarter. Advisors Asset Management Inc. raised its stake in GlobalFoundries by 41.0% in 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, Private Advisor Group LLC lifted its holdings in GlobalFoundries by 7.5% in the 4th quarter. Private Advisor Group LLC now owns 6,698 shares of the company’s stock valued at $287,000 after purchasing an additional 468 shares in the last quarter.

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.