Wedbush Reiterates “Outperform” Rating for GlobalFoundries (NASDAQ:GFS)

GlobalFoundries (NASDAQ:GFS)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $60.00 price objective on the stock. Wedbush’s price target suggests a potential upside of 40.12% from the stock’s previous close.

A number of other research firms have also recently weighed in on GFS. UBS Group began coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price objective on the stock. Citigroup cut their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Evercore ISI decreased their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Needham & Company LLC raised shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.00.

GlobalFoundries Trading Down 1.7 %

GFS stock opened at $42.82 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $61.98. The stock has a market capitalization of $23.63 billion, a price-to-earnings ratio of 31.96, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The firm’s fifty day simple moving average is $42.37 and its two-hundred day simple moving average is $42.33.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. As a group, analysts anticipate that GlobalFoundries will post 1.22 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

Institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP increased its holdings in GlobalFoundries by 89.0% during the third quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after buying an additional 34,731 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GlobalFoundries by 1,935.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock valued at $5,120,000 after buying an additional 120,960 shares during the period. SG Americas Securities LLC acquired a new stake in GlobalFoundries in the fourth quarter valued at approximately $1,748,000. Versor Investments LP boosted its stake in GlobalFoundries by 167.7% in the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after acquiring an additional 11,908 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new stake in GlobalFoundries in the third quarter valued at approximately $8,361,000.

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.