Cantor Fitzgerald Estimates GlobalFoundries FY2024 Earnings

GlobalFoundries Inc. (NASDAQ:GFS) – Analysts at Cantor Fitzgerald raised their FY2024 EPS estimates for GlobalFoundries in a research report issued to clients and investors on Wednesday, November 6th. Cantor Fitzgerald analyst C. Muse now anticipates that the company will post earnings of $1.25 per share for the year, up from their previous forecast of $1.09. Cantor Fitzgerald currently has a “Neutral” rating and a $40.00 price objective on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.09 per share.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share.

Several other brokerages also recently commented on GFS. Evercore ISI reduced their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Susquehanna reduced their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Citigroup reduced their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $45.27 on Friday. The company has a market capitalization of $24.98 billion, a PE ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. The company has a 50 day simple moving average of $40.34 and a two-hundred day simple moving average of $46.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61.

Hedge Funds Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently made changes to their positions in GFS. Marshall Wace LLP grew its stake in shares of GlobalFoundries by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after buying an additional 1,299,687 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of GlobalFoundries by 13.5% in the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock valued at $33,063,000 after buying an additional 77,581 shares in the last quarter. ProShare Advisors LLC boosted its holdings in GlobalFoundries by 25.9% in the first quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock valued at $28,365,000 after purchasing an additional 112,149 shares during the period. Renaissance Technologies LLC boosted its holdings in GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the period. Finally, Ghisallo Capital Management LLC boosted its holdings in GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares during the period.

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.