GLOBALFOUNDRIES (NASDAQ:GFS – Free Report) had its price target decreased by Bank of America from $62.00 to $55.00 in a research note released on Tuesday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.
Several other analysts also recently weighed in on the stock. Cantor Fitzgerald reiterated a neutral rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Evercore ISI started coverage on shares of GLOBALFOUNDRIES in a research report on Tuesday. They issued an outperform rating and a $71.00 price objective on the stock. Robert W. Baird cut their price objective 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. Citigroup downgraded shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and cut their price objective for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Finally, Susquehanna reiterated a neutral rating and issued a $48.00 price objective (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $63.08.
Check Out Our Latest Analysis on GLOBALFOUNDRIES
GLOBALFOUNDRIES Trading Down 1.3 %
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) 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 the consensus estimate of $1.85 billion. During the same period last year, the firm posted $1.37 EPS. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities analysts expect that GLOBALFOUNDRIES will post 1 earnings per share for the current year.
Hedge Funds Weigh In On GLOBALFOUNDRIES
Large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. acquired a new position in shares of GLOBALFOUNDRIES in the 3rd quarter worth approximately $33,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after purchasing an additional 187 shares during the last quarter. Natixis purchased a new position in shares of GLOBALFOUNDRIES in the fourth quarter worth approximately $38,000. KBC Group NV increased its position in shares of GLOBALFOUNDRIES by 210.9% in the fourth quarter. KBC Group NV now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 544 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock worth $52,000 after acquiring an additional 730 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.
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