GlobalFoundries (NASDAQ:GFS) Trading 7.4% Higher Following Analyst Upgrade

Shares of GlobalFoundries Inc. (NASDAQ:GFS) were up 7.4% during trading on Wednesday after Morgan Stanley raised their price target on the stock from $40.00 to $42.00. Morgan Stanley currently has an equal weight rating on the stock. GlobalFoundries traded as high as $41.98 and last traded at $43.08. Approximately 792,122 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 1,932,581 shares. The stock had previously closed at $40.10.

Several other equities research analysts have also commented on the stock. Needham & Company LLC raised shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday. Citigroup dropped their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Cantor Fitzgerald reissued a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Wedbush reiterated an “outperform” rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, GlobalFoundries has a consensus rating of “Hold” and a consensus target price of $50.13.

Hedge Funds Weigh In On GlobalFoundries

A number of institutional investors have recently made changes to their positions in GFS. FMR LLC raised its holdings in shares of GlobalFoundries by 2.4% in the third quarter. FMR LLC now owns 49,375,403 shares of the company’s stock worth $1,987,360,000 after acquiring an additional 1,160,403 shares during the last quarter. Weiss Asset Management LP acquired a new position in GlobalFoundries in the third quarter valued at $8,361,000. International Assets Investment Management LLC increased its stake in GlobalFoundries by 2,162.6% in the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after purchasing an additional 151,384 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in GlobalFoundries by 1,935.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock valued at $5,120,000 after purchasing an additional 120,960 shares during the last quarter. Finally, Shade Tree Advisors LLC acquired a new position in GlobalFoundries in the fourth quarter valued at $5,096,000.

GlobalFoundries Price Performance

The stock has a market capitalization of $23.61 billion, a price-to-earnings ratio of 32.04, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The company has a 50 day moving average of $42.48 and a 200 day moving average of $42.40. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. As a group, equities research analysts forecast that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

GlobalFoundries Company Profile

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.