Susquehanna Issues Pessimistic Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price target dropped by analysts at Susquehanna from $50.00 to $48.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s target price indicates a potential upside of 6.17% from the stock’s current price.

Several other equities research analysts also recently commented on GFS. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $53.00 to $43.00 in a report on Monday, October 28th. TD Cowen cut their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday. Robert W. Baird dropped their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $51.69.

GlobalFoundries Stock Up 9.3 %

Shares of GFS traded up $3.84 during mid-day trading on Wednesday, hitting $45.21. 2,799,809 shares of the company’s stock were exchanged, compared to its average volume of 1,590,668. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The company has a 50-day simple moving average of $40.33 and a 200 day simple moving average of $46.53. The company has a market cap of $24.95 billion, a PE ratio of 31.15, a P/E/G ratio of 5.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59.

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. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. GlobalFoundries’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, research analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of GlobalFoundries during the 3rd quarter worth $34,000. US Bancorp DE raised its stake in GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares in the last quarter. Massmutual Trust Co. FSB ADV acquired a new position in GlobalFoundries during the second quarter worth about $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of GlobalFoundries in the second quarter worth about $65,000. Finally, CWM LLC boosted its stake in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after purchasing an additional 373 shares in the last quarter.

About GlobalFoundries

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.