GlobalFoundries (NASDAQ:GFS) Trading 5.4% Higher – Should You Buy?

GlobalFoundries Inc. (NASDAQ:GFS) shares shot up 5.4% on Monday . The company traded as high as $44.80 and last traded at $43.98. 544,588 shares were traded during trading, a decline of 66% from the average session volume of 1,621,634 shares. The stock had previously closed at $41.72.

Wall Street Analyst Weigh In

GFS has been the subject of several research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.21.

GlobalFoundries Trading Up 1.4 %

The business’s 50-day simple moving average is $42.12 and its two-hundred day simple moving average is $44.87. The firm has a market capitalization of $24.63 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 10.71 and a beta of 1.59. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities analysts forecast that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

Institutional Trading of GlobalFoundries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in shares of GlobalFoundries by 2.4% during the third quarter. FMR LLC now owns 49,375,403 shares of the company’s stock worth $1,987,360,000 after acquiring an additional 1,160,403 shares during the period. Marshall Wace LLP increased its holdings in GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after purchasing an additional 1,299,687 shares during the period. State Street Corp boosted its stake in shares of GlobalFoundries by 8.3% in the 3rd quarter. State Street Corp now owns 1,275,554 shares of the company’s stock valued at $51,341,000 after buying an additional 98,084 shares during the period. Dimensional Fund Advisors LP grew its position in shares of GlobalFoundries by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after buying an additional 77,581 shares in the last quarter. Finally, Citigroup Inc. increased its stake in shares of GlobalFoundries by 16.0% during the third quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock worth $25,287,000 after buying an additional 86,740 shares during the period.

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.