TD Cowen Has Lowered Expectations for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its target price reduced by TD Cowen from $75.00 to $60.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen‘s target price indicates a potential upside of 65.18% from the company’s current price.

Several other research firms have also weighed in on GFS. BNP Paribas Exane lowered GlobalFoundries from an “outperform” rating to a “neutral” rating and set a $51.00 price objective on the stock. in a research note on Monday, October 5th. Deutsche Bank Aktiengesellschaft set a $75.00 target price on GlobalFoundries in a report on Monday, August 10th. Weiss Ratings restated a “hold (c)” rating on shares of GlobalFoundries in a research report on Wednesday, August 26th. Stifel Nicolaus started coverage on GlobalFoundries in a research note on Tuesday, September 1st. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Morgan Stanley lowered their price target on GlobalFoundries from $60.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Monday. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, GlobalFoundries currently has a consensus rating of “Hold” and an average target price of $70.74.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock traded down $4.01 during trading on Thursday, hitting $36.33. 13,635,430 shares of the company’s stock traded hands, compared to its average volume of 4,461,479. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.48 and a quick ratio of 1.74. The firm’s fifty day moving average price is $46.18 and its 200 day moving average price is $54.93. GlobalFoundries has a twelve month low of $32.02 and a twelve month high of $92.55. The company has a market cap of $19.93 billion, a PE ratio of 28.38, a PEG ratio of 1.36 and a beta of 1.78.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.89 billion. GlobalFoundries had a net margin of 10.36% and a return on equity of 6.69%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 earnings per share. Analysts forecast that GlobalFoundries will post 1.48 earnings per share for the current year.

Insider Buying and Selling

In other GlobalFoundries news, insider Pradheepa Raman sold 6,760 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $51.12, for a total value of $345,571.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,590 shares of company stock valued at $620,877 in the last quarter.

Institutional Trading of GlobalFoundries

Several hedge funds have recently modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of GlobalFoundries by 8,275,141.2% in the first quarter. Bessemer Group Inc. now owns 2,813,582 shares of the company’s stock valued at $125,147,000 after acquiring an additional 2,813,548 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of GlobalFoundries by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,340,385 shares of the company’s stock worth $59,571,000 after acquiring an additional 31,590 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of GlobalFoundries by 106.1% in the 1st quarter. Bank of America Corp DE now owns 875,361 shares of the company’s stock worth $38,936,000 after acquiring an additional 450,722 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in GlobalFoundries during the 3rd quarter worth approximately $40,775,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in GlobalFoundries by 322.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 715,000 shares of the company’s stock worth $31,803,000 after acquiring an additional 545,900 shares during the last quarter.

More GlobalFoundries News

Here are the key news stories impacting GlobalFoundries this week:

• Positive Sentiment: GlobalFoundries reported Q3 earnings of $0.53 per share, above the $0.51 consensus, and revenue of $1.90 billion, slightly ahead of estimates and up 12.5% year over year. GlobalFoundries Q3 results
• Positive Sentiment: Recent coverage highlighted improved margins and commitments supporting future growth, which could bolster the company’s outlook if sustained. Margins improve and future commitments
• Negative Sentiment: Several firms sharply reduced their price targets: Wedbush cut its target to $45 and moved to “neutral,” Needham lowered its target to $55 while retaining “buy,” and Susquehanna cut its target to $110 while keeping a positive rating. The broad downward revisions may have undermined investor confidence, even though two firms maintained favorable ratings. Wedbush rating

GlobalFoundries Company Profile

GlobalFoundries Inc (NASDAQ:GFS) is a semiconductor manufacturer that operates as a contract foundry, producing chips designed by other companies. The company provides wafer fabrication and related services for customers in the automotive, communications infrastructure, aerospace and defense, industrial, and consumer electronics markets.

GlobalFoundries specializes in differentiated semiconductor technologies rather than competing primarily in the most advanced logic-processing nodes. Its offerings include radio-frequency and silicon-on-insulator technologies, embedded memory, power-management solutions, high-voltage processes, silicon photonics, and other specialty platforms used in connectivity, sensing, automotive electronics, and edge-computing applications.

The company was established in 2009 through the separation of Advanced Micro Devices’ manufacturing operations, with investment from the Abu Dhabi-based Advanced Technology Investment Company.