GlobalFoundries’ (GFS) Outperform Rating Reaffirmed at Wedbush

GlobalFoundries (NASDAQ:GFS)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report released on Wednesday, MarketBeat Ratings reports. They presently have a $60.00 price objective on the stock. Wedbush’s price target suggests a potential upside of 39.46% from the stock’s current price.

Other analysts have also issued research reports about the company. UBS Group began coverage on GlobalFoundries in a report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target on the stock. Robert W. Baird decreased their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reduced their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Needham & Company LLC raised GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday. Finally, Morgan Stanley increased their price target on GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.13.

GlobalFoundries Stock Performance

NASDAQ GFS traded up $2.92 during trading hours on Wednesday, hitting $43.02. 1,679,618 shares of the company’s stock traded hands, compared to its average volume of 1,970,142. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $61.98. The firm has a market capitalization of $23.74 billion, a P/E ratio of 32.11, a P/E/G ratio of 8.23 and a beta of 1.56. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average price is $42.48 and its two-hundred day moving average price is $42.40.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. Equities research analysts predict that GlobalFoundries will post 1.22 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

Hedge funds have recently made changes to their positions in the stock. Signaturefd LLC grew its stake in shares of GlobalFoundries by 153.9% in the fourth quarter. Signaturefd LLC now owns 678 shares of the company’s stock valued at $29,000 after buying an additional 411 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the third quarter worth approximately $34,000. Blue Trust Inc. grew its holdings in GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock worth $45,000 after acquiring an additional 745 shares in the last quarter. US Bancorp DE increased its position in shares of GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of GlobalFoundries in the 4th quarter valued at $52,000.

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.