GlobalFoundries’ (GFS) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of GlobalFoundries (NASDAQ:GFS) in a research report sent to investors on Wednesday morning, Benzinga reports.

Several other equities research analysts also recently issued reports on GFS. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Robert W. Baird reduced their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Cantor Fitzgerald reduced their target price on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Finally, Citigroup reduced their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, GlobalFoundries currently has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Price Performance

Shares of NASDAQ GFS traded down $0.81 during trading on Wednesday, reaching $45.98. The company had a trading volume of 200,322 shares, compared to its average volume of 1,601,949. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The stock has a market cap of $25.37 billion, a PE ratio of 31.83, a PEG ratio of 5.82 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The business’s 50 day moving average price is $40.35 and its 200-day moving average price is $46.54.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company 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 EPS. GlobalFoundries’s revenue was down 6.1% on a year-over-year basis. Analysts expect that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Trading of GlobalFoundries

A number of hedge funds have recently modified their holdings of GFS. DekaBank Deutsche Girozentrale increased its position in GlobalFoundries by 4.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock worth $357,000 after acquiring an additional 340 shares during the period. CWM LLC increased its holdings in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares during the period. Pacer Advisors Inc. boosted its stake in shares of GlobalFoundries by 1.7% in the 2nd quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock valued at $1,333,000 after purchasing an additional 444 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of GlobalFoundries by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock valued at $1,758,000 after purchasing an additional 450 shares in the last quarter. Finally, Profund Advisors LLC boosted its stake in shares of GlobalFoundries by 1.1% in the 2nd quarter. Profund Advisors LLC now owns 45,626 shares of the company’s stock valued at $2,307,000 after purchasing an additional 515 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.