GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) had its price objective reduced by Evercore ISI from $77.00 to $71.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 58.55% from the stock’s current price.
Other analysts have also issued reports about the stock. Morgan Stanley upped their price target on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $55.00 price target on shares of GLOBALFOUNDRIES in a research report on Tuesday, July 16th. HSBC dropped their price target on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. TD Cowen dropped their price target on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on shares of GLOBALFOUNDRIES in a research report on Monday, May 13th. They set a “buy” rating and a $62.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.69.
Check Out Our Latest Report on GFS
GLOBALFOUNDRIES Stock Up 3.6 %
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. Analysts anticipate that GLOBALFOUNDRIES will post 1.06 earnings per share for the current year.
Hedge Funds Weigh In On GLOBALFOUNDRIES
Several institutional investors and hedge funds have recently modified their holdings of GFS. Mubadala Investment Co PJSC acquired a new position in shares of GLOBALFOUNDRIES in the fourth quarter valued at about $28,451,821,000. Kodai Capital Management LP acquired a new position in shares of GLOBALFOUNDRIES in the fourth quarter valued at about $67,351,000. International Assets Investment Management LLC grew its stake in shares of GLOBALFOUNDRIES by 5,093.1% in the fourth quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock valued at $32,207,000 after acquiring an additional 521,228 shares in the last quarter. Norges Bank acquired a new position in shares of GLOBALFOUNDRIES in the fourth quarter valued at about $18,629,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of GLOBALFOUNDRIES by 124.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after acquiring an additional 270,520 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.
Featured Articles
- Five stocks we like better than GLOBALFOUNDRIES
- Quiet Period Expirations Explained
- Super Micro Computers Splits Stock: Is This the Time to Buy?
- How to Use the MarketBeat Excel Dividend Calculator
- Nuclear Power Giant’s Shares Jump on Raised Full-Year Guidance
- Should You Add These Warren Buffett Stocks to Your Portfolio?
- Airbnb Stock: Key Drivers Indicate Bright Future Despite Sell-Off
Receive News & Ratings for GLOBALFOUNDRIES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GLOBALFOUNDRIES and related companies with MarketBeat.com's FREE daily email newsletter.