GlobalFoundries (NASDAQ:GFS) Stock Price Up 5.4% – Time to Buy?

GlobalFoundries Inc. (NASDAQ:GFSGet Free Report) rose 5.4% during trading on Monday . The stock traded as high as $44.80 and last traded at $43.98. Approximately 544,588 shares were traded during trading, a decline of 66% from the average daily volume of 1,621,634 shares. The stock had previously closed at $41.72.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GFS. Robert W. Baird dropped their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Evercore ISI cut their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Susquehanna dropped their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, GlobalFoundries presently has a consensus rating of “Hold” and a consensus price target of $50.21.

View Our Latest Stock Analysis on GlobalFoundries

GlobalFoundries Trading Up 5.6 %

The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $42.07 and its 200-day moving average is $44.91. The company has a market cap of $24.30 billion, a PE ratio of 32.87, a P/E/G ratio of 10.71 and a beta of 1.59.

GlobalFoundries (NASDAQ:GFSGet Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. As a group, sell-side analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in shares of GlobalFoundries by 12.4% during the 2nd quarter. Principal Financial Group Inc. now owns 7,341 shares of the company’s stock worth $371,000 after acquiring an additional 811 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of GlobalFoundries by 23.6% in the second quarter. Maryland State Retirement & Pension System now owns 7,660 shares of the company’s stock valued at $387,000 after buying an additional 1,461 shares in the last quarter. CIBC Asset Management Inc grew its position in GlobalFoundries by 4.0% in the 2nd quarter. CIBC Asset Management Inc now owns 102,731 shares of the company’s stock valued at $5,194,000 after acquiring an additional 3,941 shares in the last quarter. Versor Investments LP purchased a new stake in GlobalFoundries during the second quarter worth about $359,000. Finally, Rhumbline Advisers boosted its stake in shares of GlobalFoundries by 12.1% in the second quarter. Rhumbline Advisers now owns 87,029 shares of the company’s stock valued at $4,400,000 after purchasing an additional 9,427 shares during the period.

GlobalFoundries Company Profile

(Get Free Report)

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.

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