GlobalFoundries (NASDAQ:GFS) Earns “Hold” Rating from Needham & Company LLC

GlobalFoundries (NASDAQ:GFS)‘s stock had its “hold” rating restated by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

GFS has been the subject of a number of other reports. Cantor Fitzgerald lowered their price target on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Robert W. Baird dropped their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday. TD Cowen reduced their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.46.

GlobalFoundries Trading Down 3.2 %

NASDAQ GFS opened at $45.27 on Wednesday. The stock has a market capitalization of $24.98 billion, a P/E ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. The business has a 50 day simple moving average of $40.34 and a 200 day simple moving average of $46.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data 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. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business’s quarterly revenue 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. Research analysts expect that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Trading of GlobalFoundries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of GlobalFoundries during the 3rd quarter valued at $34,000. Massmutual Trust Co. FSB ADV bought a new stake in shares of GlobalFoundries in the 2nd quarter worth approximately $59,000. US Bancorp DE boosted its position in GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of GlobalFoundries during the 2nd quarter worth approximately $65,000. Finally, CWM LLC raised its position in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after acquiring an additional 373 shares in the last quarter.

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.