Profund Advisors LLC Has $1.76 Million Stock Position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Profund Advisors LLC increased its stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 8.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 27,216 shares of the company’s stock after buying an additional 2,052 shares during the period. Profund Advisors LLC’s holdings in GLOBALFOUNDRIES were worth $1,758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GFS. Edgestream Partners L.P. acquired a new position in GLOBALFOUNDRIES during the 2nd quarter valued at about $355,000. Commonwealth Equity Services LLC lifted its position in GLOBALFOUNDRIES by 10.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the company’s stock valued at $1,231,000 after purchasing an additional 1,831 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in GLOBALFOUNDRIES by 0.9% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 952,465 shares of the company’s stock valued at $61,510,000 after purchasing an additional 8,827 shares during the period. Shelton Capital Management lifted its position in GLOBALFOUNDRIES by 4.3% during the 2nd quarter. Shelton Capital Management now owns 44,852 shares of the company’s stock valued at $2,897,000 after purchasing an additional 1,857 shares during the period. Finally, Truvestments Capital LLC lifted its position in GLOBALFOUNDRIES by 25.8% during the 2nd quarter. Truvestments Capital LLC now owns 3,248 shares of the company’s stock valued at $210,000 after purchasing an additional 667 shares during the period. Institutional investors and hedge funds own 14.76% of the company’s stock.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $58.42 on Tuesday. GLOBALFOUNDRIES Inc. has a 1-year low of $48.12 and a 1-year high of $72.50. The company has a current ratio of 2.11, a quick ratio of 1.56 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $55.50 and a 200 day simple moving average of $58.01. The stock has a market capitalization of $32.00 billion, a PE ratio of 22.91, a P/E/G ratio of 9.70 and a beta of 1.83.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Bank of America cut their target price on shares of GLOBALFOUNDRIES from $75.00 to $70.00 in a research report on Wednesday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price target on GLOBALFOUNDRIES from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. HSBC lowered their price target on GLOBALFOUNDRIES from $65.00 to $64.00 in a research note on Wednesday, August 9th. Citigroup lowered their price target on GLOBALFOUNDRIES from $77.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $70.00 price target on shares of GLOBALFOUNDRIES in a research note on Tuesday, November 7th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.50.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.