GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives Average Recommendation of “Moderate Buy” from Brokerages

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has been given an average rating of “Moderate Buy” by the fourteen analysts that are currently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $57.54.

GFS has been the subject of several analyst reports. Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. HSBC cut their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $55.00 price target on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. Jefferies Financial Group assumed coverage on shares of GLOBALFOUNDRIES in a research report on Monday, May 13th. They issued a “buy” rating and a $62.00 price objective on the stock. Finally, Evercore ISI reduced their price objective on shares of GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th.

GLOBALFOUNDRIES Stock Performance

NASDAQ GFS opened at $44.29 on Friday. The stock has a market cap of $24.44 billion, a PE ratio of 27.34, a P/E/G ratio of 4.52 and a beta of 1.56. GLOBALFOUNDRIES has a twelve month low of $42.59 and a twelve month high of $62.61. The stock has a fifty day simple moving average of $49.96 and a 200-day simple moving average of $50.88. The company has a current ratio of 2.18, a quick ratio of 1.59 and a debt-to-equity ratio of 0.22.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company posted $0.45 EPS. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts anticipate that GLOBALFOUNDRIES will post 1.06 earnings per share for the current year.

Institutional Trading of GLOBALFOUNDRIES

A number of large investors have recently made changes to their positions in the company. Mubadala Investment Co PJSC acquired a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at approximately $28,451,821,000. Marshall Wace LLP increased 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 in the last quarter. Kodai Capital Management LP purchased a new position in shares of GLOBALFOUNDRIES in the fourth quarter valued at $67,351,000. Norges Bank acquired a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth approximately $18,629,000. Finally, Dimensional Fund Advisors LP raised its stake in GLOBALFOUNDRIES by 124.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after purchasing an additional 270,520 shares during the last quarter.

About GLOBALFOUNDRIES

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.