Brokerages Set GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Price Target at $63.25

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $63.08.

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lowered their price objective on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Evercore ISI assumed coverage on GLOBALFOUNDRIES in a report on Tuesday. They issued an “outperform” rating and a $71.00 price objective for the company. Citigroup lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Robert W. Baird lowered their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th.

GLOBALFOUNDRIES Trading Down 1.3 %

NASDAQ:GFS opened at $46.26 on Monday. 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 has a one year low of $46.23 and a one year high of $68.57. The business’s 50-day simple moving average is $52.31 and its 200 day simple moving average is $54.64. The stock has a market cap of $25.34 billion, a price-to-earnings ratio of 25.42, a price-to-earnings-growth ratio of 4.00 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly 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 return on equity of 10.16% and a net margin of 13.80%. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the firm posted $1.37 earnings per share. The company’s revenue was down 11.8% compared to the same quarter last year. As a group, sell-side analysts predict that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several institutional investors have recently made changes to their positions in the stock. Norden Group LLC bought a new position in shares of GLOBALFOUNDRIES during the first quarter valued at approximately $400,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of GLOBALFOUNDRIES by 17.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company’s stock worth $4,334,000 after buying an additional 12,487 shares during the period. Global Assets Advisory LLC acquired a new position in shares of GLOBALFOUNDRIES during the first quarter worth approximately $594,000. Renaissance Capital LLC boosted its position in shares of GLOBALFOUNDRIES by 3.0% during the first quarter. Renaissance Capital LLC now owns 51,595 shares of the company’s stock worth $2,689,000 after buying an additional 1,500 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of GLOBALFOUNDRIES by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 247,571 shares of the company’s stock worth $15,003,000 after buying an additional 12,634 shares during the period.

GLOBALFOUNDRIES Company Profile

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.