Wahed Invest LLC Cuts Stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Wahed Invest LLC lowered its position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 63.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,552 shares of the company’s stock after selling 2,663 shares during the quarter. Wahed Invest LLC’s holdings in GLOBALFOUNDRIES were worth $81,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Mubadala Investment Co PJSC acquired a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth $28,451,821,000. First Trust Advisors LP grew its stake in shares of GLOBALFOUNDRIES by 9.9% during the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after purchasing an additional 201,611 shares during the period. Kodai Capital Management LP acquired a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth $67,351,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of GLOBALFOUNDRIES by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after purchasing an additional 68,626 shares during the period. Finally, ProShare Advisors LLC grew its stake in GLOBALFOUNDRIES by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock valued at $28,365,000 after acquiring an additional 112,149 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. HSBC lowered their price objective on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Susquehanna upped their target price on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, May 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 target price on shares of GLOBALFOUNDRIES in a report on Tuesday, July 16th. Finally, Jefferies Financial Group began coverage on shares of GLOBALFOUNDRIES in a report on Monday, May 13th. They issued a “buy” rating and a $62.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, GLOBALFOUNDRIES currently has a consensus rating of “Hold” and a consensus target price of $59.00.

GLOBALFOUNDRIES Stock Down 5.3 %

Shares of NASDAQ:GFS opened at $45.47 on Friday. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22. GLOBALFOUNDRIES Inc. has a 52-week low of $45.15 and a 52-week high of $62.61. The company has a 50 day moving average of $51.17 and a two-hundred day moving average of $52.10. The company has a market capitalization of $25.09 billion, a price-to-earnings ratio of 28.07, a price-to-earnings-growth ratio of 4.52 and a beta of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. As a group, analysts forecast that GLOBALFOUNDRIES Inc. will post 1.06 earnings per share 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.