GLOBALFOUNDRIES (NASDAQ:GFS) Given New $63.00 Price Target at Morgan Stanley

GLOBALFOUNDRIES (NASDAQ:GFS) had its price target hoisted by investment analysts at Morgan Stanley from $62.00 to $63.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 20.50% from the stock’s current price.

A number of other analysts also recently commented on the company. Susquehanna upped their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday. HSBC lowered their price target on GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating for the company in a report on Friday, May 3rd. Evercore ISI began coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price target for the company. Citigroup cut shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.23.

GLOBALFOUNDRIES Price Performance

GFS stock traded down $0.98 on Wednesday, reaching $52.28. The company had a trading volume of 557,336 shares, compared to its average volume of 1,548,877. GLOBALFOUNDRIES has a 1 year low of $45.52 and a 1 year high of $68.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.56 and a current ratio of 2.04. The company’s fifty day moving average is $50.75 and its 200 day moving average is $53.86. The company has a market cap of $28.94 billion, a P/E ratio of 28.38, a PEG ratio of 4.16 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results 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 return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the company posted $1.37 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, research analysts forecast that GLOBALFOUNDRIES will post 1 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in GLOBALFOUNDRIES by 17.2% in the 3rd quarter. Raymond James & Associates now owns 80,779 shares of the company’s stock worth $4,701,000 after purchasing an additional 11,847 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of GLOBALFOUNDRIES by 19.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 501,176 shares of the company’s stock valued at $29,163,000 after buying an additional 80,381 shares during the period. TD Asset Management Inc boosted its stake in shares of GLOBALFOUNDRIES by 22.7% during the 3rd quarter. TD Asset Management Inc now owns 30,988 shares of the company’s stock valued at $1,803,000 after buying an additional 5,734 shares during the period. ING Groep NV boosted its stake in shares of GLOBALFOUNDRIES by 48.1% during the 3rd quarter. ING Groep NV now owns 66,547 shares of the company’s stock valued at $3,872,000 after buying an additional 21,625 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of GLOBALFOUNDRIES by 21.2% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 63,932 shares of the company’s stock valued at $3,720,000 after purchasing an additional 11,195 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.