Brokerages Set GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Price Target at $64.50

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has been given an average rating of “Moderate Buy” by the eleven brokerages that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $64.50.

A number of equities research analysts have weighed in on GFS shares. Cantor Fitzgerald restated an “overweight” rating and set a $70.00 price target on shares of GLOBALFOUNDRIES in a research report on Wednesday, February 14th. JPMorgan Chase & Co. lowered their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Bank of America downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and lowered their price target for the company from $70.00 to $65.00 in a research report on Friday, December 15th. Robert W. Baird lowered their price target on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Finally, Susquehanna reiterated a “neutral” rating and issued a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Treasurer of the State of North Carolina increased its holdings in GLOBALFOUNDRIES by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock valued at $2,005,000 after purchasing an additional 180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after purchasing an additional 187 shares during the period. Ameritas Investment Partners Inc. increased its holdings in GLOBALFOUNDRIES by 1.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,888 shares of the company’s stock valued at $768,000 after purchasing an additional 213 shares during the period. TD Asset Management Inc increased its holdings in GLOBALFOUNDRIES by 0.9% during the 2nd quarter. TD Asset Management Inc now owns 25,254 shares of the company’s stock valued at $1,631,000 after purchasing an additional 215 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in GLOBALFOUNDRIES by 6.2% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock valued at $314,000 after purchasing an additional 316 shares during the period.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $51.73 on Thursday. The firm has a market capitalization of $28.34 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 4.38 and a beta of 1.65. GLOBALFOUNDRIES has a 52-week low of $48.12 and a 52-week high of $72.37. The stock has a fifty day moving average of $54.31 and a 200 day moving average of $55.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the company earned $1.37 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. On average, research analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

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.