Evercore ISI initiated coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS – Free Report) in a research note released on Tuesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $71.00 target price on the stock.
A number of other equities research analysts have also commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Citigroup cut shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and dropped their price objective for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. 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. Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Finally, Cantor Fitzgerald reaffirmed a neutral rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $63.08.
Check Out Our Latest Stock Report on GFS
GLOBALFOUNDRIES Stock Performance
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The business’s revenue was down 11.8% on a year-over-year basis. During the same period last year, the firm posted $1.37 EPS. On average, equities analysts forecast that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.
Institutional Trading of GLOBALFOUNDRIES
A number of hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. bought a new stake in GLOBALFOUNDRIES in the third quarter valued at approximately $33,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after buying an additional 187 shares in the last quarter. Natixis acquired a new stake in GLOBALFOUNDRIES during the 4th quarter worth $38,000. KBC Group NV lifted its holdings in GLOBALFOUNDRIES by 210.9% during 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. grew its stake in GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after acquiring an additional 730 shares during the period.
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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