GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives $63.25 Average Target Price from Brokerages

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) have earned an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $63.08.

GFS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Citigroup downgraded shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Evercore ISI assumed coverage on shares of GLOBALFOUNDRIES in a report on Tuesday. They set an “outperform” rating and a $71.00 target price on the stock. Finally, Robert W. Baird dropped their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC increased its position in shares of GLOBALFOUNDRIES by 63,726.7% in the third quarter. Penserra Capital Management LLC now owns 19,148 shares of the company’s stock valued at $1,113,000 after buying an additional 19,118 shares in the last quarter. FMR LLC boosted its stake in GLOBALFOUNDRIES by 18.7% during the third quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after buying an additional 5,544,907 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in GLOBALFOUNDRIES by 43.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 120,456 shares of the company’s stock worth $7,009,000 after buying an additional 36,595 shares during the last quarter. Profund Advisors LLC boosted its stake in GLOBALFOUNDRIES by 40.9% during the third quarter. Profund Advisors LLC now owns 38,340 shares of the company’s stock worth $2,231,000 after buying an additional 11,124 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in GLOBALFOUNDRIES by 36.1% during the third quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares during the last quarter.

GLOBALFOUNDRIES Trading Down 0.9 %

GFS stock opened at $47.36 on Monday. The company has a market capitalization of $25.94 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 3.99 and a beta of 1.61. GLOBALFOUNDRIES has a one year low of $46.73 and a one year high of $68.57. The company’s 50 day moving average price is $52.47 and its two-hundred day moving average price is $54.70. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm earned $1.37 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. As a group, analysts predict that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

About GLOBALFOUNDRIES

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.