GlobalFoundries (NASDAQ:GFS) Upgraded by Needham & Company LLC to Buy Rating

GlobalFoundries (NASDAQ:GFS) was upgraded by research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a report released on Wednesday,Benzinga reports. The firm currently has a $50.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 24.69% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Wedbush reissued an “outperform” rating and set a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Robert W. Baird decreased their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. UBS Group assumed coverage on shares of GlobalFoundries in a research note on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target on the stock. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.20.

GlobalFoundries Stock Up 6.3 %

Shares of GlobalFoundries stock opened at $40.10 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The stock has a market capitalization of $22.13 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $61.98. The company has a 50-day simple moving average of $42.48 and a two-hundred day simple moving average of $42.40.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (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%. On average, analysts anticipate that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Trading of GlobalFoundries

Several institutional investors and hedge funds have recently modified their holdings of GFS. DekaBank Deutsche Girozentrale increased its holdings in GlobalFoundries by 4.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after acquiring an additional 340 shares during the last quarter. Signaturefd LLC increased its holdings in GlobalFoundries by 153.9% in the 4th quarter. Signaturefd LLC now owns 678 shares of the company’s stock valued at $29,000 after acquiring an additional 411 shares during the last quarter. American Century Companies Inc. increased its holdings in GlobalFoundries by 1.7% in the 4th quarter. American Century Companies Inc. now owns 25,949 shares of the company’s stock valued at $1,113,000 after acquiring an additional 438 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in GlobalFoundries by 41.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after acquiring an additional 463 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in GlobalFoundries by 7.5% in the 4th quarter. Private Advisor Group LLC now owns 6,698 shares of the company’s stock valued at $287,000 after acquiring an additional 468 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.