GlobalFoundries (NASDAQ:GFS) Price Target Lowered to $40.00 at Cantor Fitzgerald

GlobalFoundries (NASDAQ:GFS) had its price target reduced by Cantor Fitzgerald from $55.00 to $40.00 in a report issued on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

GFS has been the topic of a number of other reports. Needham & Company LLC reissued a hold rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Evercore ISI lowered their price target on shares of GlobalFoundries from $77.00 to $71.00 and set an outperform rating on the stock in a report on Wednesday, August 7th. Wedbush reissued an outperform rating and issued a $65.00 price target on shares of GlobalFoundries in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Finally, TD Cowen lowered their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Seven equities research 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, the stock has an average rating of Moderate Buy and an average target price of $56.38.

GlobalFoundries Price Performance

GlobalFoundries stock opened at $40.85 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The firm has a market capitalization of $22.54 billion, a P/E ratio of 25.22, a PEG ratio of 6.45 and a beta of 1.52. GlobalFoundries has a one year low of $38.45 and a one year high of $62.61. The business has a fifty day moving average price of $42.17 and a 200-day moving average price of $47.83.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities research analysts forecast that GlobalFoundries will post 1.09 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of hedge funds have recently bought and sold shares of the business. Creative Planning purchased a new position in GlobalFoundries in the 3rd quarter worth about $295,000. Inspire Investing LLC raised its position in GlobalFoundries by 36.4% in the 3rd quarter. Inspire Investing LLC now owns 7,033 shares of the company’s stock worth $283,000 after buying an additional 1,875 shares during the last quarter. Sanibel Captiva Trust Company Inc. raised its position in GlobalFoundries by 67.1% in the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 8,270 shares of the company’s stock worth $333,000 after buying an additional 3,320 shares during the last quarter. Handelsbanken Fonder AB raised its position in GlobalFoundries by 44.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 28,276 shares of the company’s stock worth $1,138,000 after buying an additional 8,765 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in GlobalFoundries by 533.6% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 51,343 shares of the company’s stock worth $2,596,000 after buying an additional 43,239 shares during the last quarter.

GlobalFoundries Company Profile

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.