GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Raised to $50.00

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective lifted by equities research analysts at Susquehanna from $48.00 to $50.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s price target suggests a potential downside of 5.62% from the company’s current price.

Several other research analysts have also recently issued reports on GFS. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Evercore ISI initiated coverage on shares of GLOBALFOUNDRIES in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price objective on the stock. HSBC dropped their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. lowered their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Finally, Citigroup lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $70.00 to $56.00 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, GLOBALFOUNDRIES currently has a consensus rating of “Moderate Buy” and an average target price of $61.62.

GLOBALFOUNDRIES Stock Performance

NASDAQ GFS opened at $52.98 on Wednesday. The company has a market capitalization of $29.33 billion, a P/E ratio of 28.95, a P/E/G ratio of 4.16 and a beta of 1.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.56 and a current ratio of 2.04. GLOBALFOUNDRIES has a 52-week low of $45.52 and a 52-week high of $68.57. The company has a fifty day moving average of $50.75 and a 200-day moving average of $53.86.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its 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. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS. As a group, equities research analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

A number of hedge funds have recently bought and sold shares of GFS. Inspire Investing LLC bought a new position in GLOBALFOUNDRIES in the first quarter valued at about $443,000. Meeder Asset Management Inc. lifted its stake in shares of GLOBALFOUNDRIES by 8.7% in the 1st quarter. Meeder Asset Management Inc. now owns 7,289 shares of the company’s stock worth $380,000 after purchasing an additional 583 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in shares of GLOBALFOUNDRIES by 31.8% in the first quarter. Oppenheimer & Co. Inc. now owns 11,126 shares of the company’s stock worth $580,000 after buying an additional 2,686 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of GLOBALFOUNDRIES by 12.9% in the first quarter. SG Americas Securities LLC now owns 205,841 shares of the company’s stock worth $10,726,000 after buying an additional 23,442 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in GLOBALFOUNDRIES during the first quarter valued at approximately $6,347,000.

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.