GlobalFoundries (NASDAQ:GFS) Given “Neutral” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of GlobalFoundries (NASDAQ:GFS) in a report released on Wednesday,Benzinga reports. They currently have a $40.00 price objective on the stock. Cantor Fitzgerald also issued estimates for GlobalFoundries’ FY2024 earnings at $1.25 EPS.

Several other analysts have also commented on GFS. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Robert W. Baird cut their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Citigroup cut their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, November 5th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Stock Down 2.8 %

Shares of NASDAQ:GFS opened at $43.98 on Wednesday. The stock has a fifty day simple moving average of $40.28 and a two-hundred day simple moving average of $46.51. The stock has a market capitalization of $24.27 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 7.56 and a beta of 1.53. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. The company has a current ratio of 2.42, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the business earned $0.47 earnings per share. The company’s revenue was down 6.1% on a year-over-year basis. On average, research analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its position in GlobalFoundries by 108.6% during the second 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. Dimensional Fund Advisors LP raised 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 valued at $33,063,000 after purchasing an additional 77,581 shares during the period. ProShare Advisors LLC grew its stake in shares of GlobalFoundries by 25.9% during the first quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock valued at $28,365,000 after buying an additional 112,149 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of GlobalFoundries by 267.7% during the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after buying an additional 257,749 shares during the last quarter. Finally, Ghisallo Capital Management LLC grew its stake in shares of GlobalFoundries by 200.0% during the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after buying an additional 200,000 shares during 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.