Brokerages Set GlobalFoundries Inc. (NASDAQ:GFS) Price Target at $54.85

Shares of GlobalFoundries Inc. (NASDAQ:GFS) have been assigned a consensus rating of “Hold” from the fourteen analysts that are currently covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $53.23.

Several research analysts have weighed in on GFS shares. Deutsche Bank Aktiengesellschaft lowered their price target on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Citigroup decreased their price objective on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Evercore ISI cut their target price on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th.

Hedge Funds Weigh In On GlobalFoundries

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted its stake in GlobalFoundries by 108.6% in the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of GlobalFoundries by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after acquiring an additional 68,626 shares in the last quarter. Dimensional Fund Advisors LP increased its position in GlobalFoundries by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after acquiring an additional 77,581 shares during the period. ProShare Advisors LLC raised its stake in GlobalFoundries by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after purchasing an additional 112,149 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in GlobalFoundries by 267.7% in the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the period.

GlobalFoundries Stock Up 14.9 %

GlobalFoundries stock opened at $41.37 on Friday. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a fifty day simple moving average of $40.33 and a 200 day simple moving average of $46.53. The company has a market cap of $22.83 billion, a P/E ratio of 28.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. GlobalFoundries’s quarterly revenue was down 11.5% on a year-over-year basis. Research analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

GlobalFoundries Company Profile

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.