GlobalFoundries (NASDAQ:GFS) Price Target Cut to $55.00 by Analysts at Evercore ISI

GlobalFoundries (NASDAQ:GFS) had its price objective decreased by Evercore ISI from $71.00 to $55.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price target would suggest a potential upside of 21.49% from the stock’s previous close.

Several other equities analysts have also recently issued reports on GFS. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday. Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday. Finally, Susquehanna cut their price objective on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Trading Down 3.2 %

Shares of NASDAQ:GFS opened at $45.27 on Wednesday. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The firm has a market cap of $24.98 billion, a P/E ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. The company has a 50 day moving average of $40.34 and a 200-day moving average of $46.53.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Hedge funds have recently made changes to their positions in the stock. AM Squared Ltd acquired a new stake in shares of GlobalFoundries during the 3rd quarter worth approximately $60,000. CIBC Asset Management Inc raised its position in GlobalFoundries by 3.7% in the third quarter. CIBC Asset Management Inc now owns 106,529 shares of the company’s stock worth $4,288,000 after purchasing an additional 3,798 shares in the last quarter. ICICI Prudential Asset Management Co Ltd lifted its stake in GlobalFoundries by 18.8% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock worth $290,000 after purchasing an additional 1,141 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in GlobalFoundries by 13.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock valued at $4,339,000 after purchasing an additional 12,948 shares in the last quarter. Finally, Versor Investments LP grew its stake in shares of GlobalFoundries by 167.7% in the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after purchasing an additional 11,908 shares during the period.

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.