GlobalFoundries (NASDAQ:GFS) Price Target Lowered to $55.00 at Evercore ISI

GlobalFoundries (NASDAQ:GFS) had its price objective reduced by Evercore ISI from $71.00 to $55.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday. Morgan Stanley cut shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Robert W. Baird lowered their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

GFS stock opened at $43.98 on Wednesday. The stock’s 50 day simple moving average is $40.28 and its 200 day simple moving average is $46.51. The company has a current ratio of 2.42, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. The stock has a market capitalization of $24.27 billion, a PE ratio of 32.82, a price-to-earnings-growth ratio of 7.56 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) 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 business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the business earned $0.47 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, research analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale boosted its stake in shares of GlobalFoundries by 4.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after purchasing an additional 340 shares during the period. CWM LLC boosted its position in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares during the period. Pacer Advisors Inc. grew its stake in GlobalFoundries by 1.7% in the 2nd quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock worth $1,333,000 after acquiring an additional 444 shares in the last quarter. Royal London Asset Management Ltd. increased its position in shares of GlobalFoundries by 1.3% during the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock worth $1,758,000 after acquiring an additional 450 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in shares of GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after acquiring an additional 463 shares in 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.