GlobalFoundries’ (GFS) “Outperform” Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of GlobalFoundries (NASDAQ:GFS) in a report issued on Tuesday, RTT News reports. Wedbush currently has a $60.00 price objective on the stock, down from their previous price objective of $65.00.

A number of other analysts have also recently issued reports on GFS. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Cantor Fitzgerald cut their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft decreased their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. TD Cowen dropped their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Evercore ISI decreased their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $53.23.

GlobalFoundries Price Performance

NASDAQ:GFS opened at $41.37 on Tuesday. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. The firm has a market capitalization of $22.83 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 5.92 and a beta of 1.53. The stock’s 50 day moving average price is $40.33 and its two-hundred day moving average price is $46.53. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Investors Weigh In On GlobalFoundries

Large investors have recently bought and sold shares of the company. Ghisallo Capital Management LLC lifted its holdings in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after acquiring an additional 200,000 shares during the period. Lazard Asset Management LLC increased its stake in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after purchasing an additional 786 shares during the last quarter. Global X Japan Co. Ltd. increased its stake in shares of GlobalFoundries by 52.0% in the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock valued at $3,218,000 after purchasing an additional 21,765 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of GlobalFoundries by 343.7% during the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after buying an additional 73,060 shares in the last quarter. Finally, Renaissance Capital LLC lifted its position in shares of GlobalFoundries by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after buying an additional 17,707 shares during 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.