Brokerages Set GlobalFoundries Inc. (NASDAQ:GFS) Target Price at $50.21

Shares of GlobalFoundries Inc. (NASDAQ:GFS) have been assigned an average rating of “Hold” from the fifteen ratings firms that are currently covering the firm, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $50.21.

A number of brokerages have commented on GFS. Susquehanna reduced 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. Evercore ISI reduced their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Citigroup lowered their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. 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 research report on Wednesday, November 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday, November 6th.

GlobalFoundries Price Performance

GlobalFoundries stock opened at $44.64 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company’s fifty day moving average price is $42.21 and its 200 day moving average price is $44.85. The stock has a market capitalization of $24.63 billion, a P/E ratio of 33.31, a P/E/G ratio of 10.71 and a beta of 1.59. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that GlobalFoundries will post 1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of GlobalFoundries during the 3rd quarter worth about $34,000. US Bancorp DE boosted its stake in GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after buying an additional 530 shares during the period. AM Squared Ltd acquired a new stake in shares of GlobalFoundries during the third quarter valued at about $60,000. Advisors Asset Management Inc. raised its stake in shares of GlobalFoundries by 41.0% in the 3rd 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 during the period. Finally, Truvestments Capital LLC acquired a new position in shares of GlobalFoundries in the 3rd quarter worth approximately $66,000.

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.