GlobalFoundries (NASDAQ:GFS) Given New $42.00 Price Target at Morgan Stanley

GlobalFoundries (NASDAQ:GFS) had its price objective increased by Morgan Stanley from $40.00 to $42.00 in a research note published on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the stock. 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 research note on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, UBS Group initiated coverage on shares of GlobalFoundries in a report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $50.00.

GlobalFoundries Stock Up 8.6 %

Shares of GlobalFoundries stock opened at $43.55 on Wednesday. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $61.98. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. The company has a market capitalization of $24.03 billion, a P/E ratio of 32.50, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The business has a 50-day moving average of $42.37 and a two-hundred day moving average of $42.33.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. As a group, equities analysts predict that GlobalFoundries will post 1.22 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently modified their holdings of GFS. Inspire Investing LLC raised its holdings in GlobalFoundries by 36.4% in the 3rd quarter. Inspire Investing LLC now owns 7,033 shares of the company’s stock valued at $283,000 after acquiring an additional 1,875 shares during the period. Creative Planning acquired a new position in GlobalFoundries in the 3rd quarter valued at $295,000. Renaissance Capital LLC lifted its holdings in shares of GlobalFoundries by 20.0% during the third quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after buying an additional 17,707 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries during the third quarter worth about $34,000. Finally, International Assets Investment Management LLC raised its stake in GlobalFoundries by 2,162.6% in the 3rd quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock worth $63,750,000 after purchasing an additional 151,384 shares in the last quarter.

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.