Analysts Set GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Target Price at $60.62

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has been given an average recommendation of “Moderate Buy” by the fourteen analysts that are covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $60.62.

A number of research analysts recently issued reports on GFS shares. Bank of America reduced their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. Susquehanna boosted their price target on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of GLOBALFOUNDRIES in a research note on Wednesday, May 8th. Jefferies Financial Group started coverage on GLOBALFOUNDRIES in a research note on Monday, May 13th. They set a “buy” rating and a $62.00 target price on the stock. Finally, Evercore ISI assumed coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price target for the company.

GLOBALFOUNDRIES Stock Performance

NASDAQ:GFS opened at $50.26 on Friday. The business’s fifty day moving average is $50.35 and its 200 day moving average is $53.03. GLOBALFOUNDRIES has a 52-week low of $45.52 and a 52-week high of $68.57. The firm has a market cap of $27.73 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 4.76 and a beta of 1.56. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.59 and a current ratio of 2.18.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its earnings results on Tuesday, May 7th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.09. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. Research analysts predict that GLOBALFOUNDRIES will post 1.06 EPS for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GFS. Mubadala Investment Co PJSC acquired a new position in shares of GLOBALFOUNDRIES in the fourth quarter valued at approximately $28,451,821,000. Ameriprise Financial Inc. lifted its holdings in GLOBALFOUNDRIES by 36.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares in the last quarter. First Trust Advisors LP boosted its position in GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after buying an additional 201,611 shares during the period. Kodai Capital Management LP acquired a new position in shares of GLOBALFOUNDRIES in the fourth quarter worth $67,351,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of GLOBALFOUNDRIES by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after acquiring an additional 68,626 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.