GLOBALFOUNDRIES (NASDAQ:GFS) Coverage Initiated at Evercore ISI

Equities researchers at Evercore ISI started coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $71.00 price target on the stock. Evercore ISI’s price target would suggest a potential upside of 49.92% from the stock’s previous close.

Several other research analysts also recently weighed in on GFS. JPMorgan Chase & Co. cut their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Susquehanna reiterated a “neutral” rating and issued a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their price target for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Cantor Fitzgerald reissued a “neutral” rating and set a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Finally, Robert W. Baird lowered their price objective on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.08.

GLOBALFOUNDRIES Trading Down 0.9 %

Shares of GLOBALFOUNDRIES stock opened at $47.36 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56. GLOBALFOUNDRIES has a 1 year low of $46.73 and a 1 year high of $68.57. The company has a market capitalization of $25.94 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.99 and a beta of 1.61. The business has a 50 day moving average price of $52.47 and a 200 day moving average price of $54.70.

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

Hedge Funds Weigh In On GLOBALFOUNDRIES

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

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.