GlobalFoundries (NASDAQ:GFS) Earns “Neutral” Rating from Cantor Fitzgerald

GlobalFoundries (NASDAQ:GFS)‘s stock had its “neutral” rating reiterated by stock analysts at Cantor Fitzgerald in a research note issued on Wednesday, Benzinga reports. They presently have a $40.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential downside of 10.59% from the stock’s previous close.

Other analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird lowered their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Citigroup lowered their price objective on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and an average target price of $52.23.

GlobalFoundries Price Performance

GFS stock traded up $3.37 during mid-day trading on Wednesday, reaching $44.74. 735,710 shares of the company traded hands, compared to its average volume of 1,581,068. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The company has a market capitalization of $24.69 billion, a P/E ratio of 30.44, a P/E/G ratio of 5.92 and a beta of 1.53. The company has a fifty day moving average price of $40.33 and a 200-day moving average price of $46.53.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. GlobalFoundries’s revenue was down 11.5% on a year-over-year basis. As a group, analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries in the third quarter valued at about $34,000. US Bancorp DE raised its stake in shares of GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after buying an additional 530 shares during the period. Massmutual Trust Co. FSB ADV bought a new position in shares of GlobalFoundries in the second quarter worth about $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of GlobalFoundries in the second quarter worth about $65,000. Finally, CWM LLC raised its stake in shares of GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after buying an additional 373 shares during the period.

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.