GLOBALFOUNDRIES (NASDAQ:GFS) Issues Q2 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.24-$0.34 for the period, compared to the consensus EPS estimate of $0.29. The company issued revenue guidance of $1.590-$1.640 billion, compared to the consensus revenue estimate of $1.58 billion.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. 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 report on Wednesday, February 14th. Citigroup lowered GLOBALFOUNDRIES from a buy rating to a neutral rating and lowered their price objective for the company from $70.00 to $56.00 in a research note on Wednesday, February 14th. Cantor Fitzgerald restated a neutral rating and set a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Needham & Company LLC reiterated a hold rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. Finally, HSBC lowered their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating on the stock in a report on Friday, May 3rd. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, GLOBALFOUNDRIES currently has an average rating of Moderate Buy and an average target price of $61.23.

GLOBALFOUNDRIES Stock Down 1.4 %

NASDAQ:GFS traded down $0.72 on Wednesday, hitting $52.54. 1,086,307 shares of the company’s stock were exchanged, compared to its average volume of 1,553,494. The firm has a 50-day moving average price of $50.75 and a 200-day moving average price of $53.86. GLOBALFOUNDRIES has a 52 week low of $45.52 and a 52 week high of $68.57. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.04 and a quick ratio of 1.56. The company has a market cap of $29.08 billion, a P/E ratio of 28.47, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the company earned $1.37 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. As a group, analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

GLOBALFOUNDRIES Company Profile

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.