Cantor Fitzgerald Estimates GlobalFoundries FY2024 Earnings

GlobalFoundries Inc. (NASDAQ:GFS) – Cantor Fitzgerald raised their FY2024 earnings estimates for GlobalFoundries in a research note issued on Wednesday, November 6th. Cantor Fitzgerald analyst C. Muse now anticipates that the company will post earnings per share of $1.25 for the year, up from their prior forecast of $1.09. Cantor Fitzgerald has a “Neutral” rating and a $40.00 price target on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.09 per share.

Several other equities analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday. Citigroup dropped their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. Susquehanna dropped their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI dropped their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, TD Cowen dropped their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.46.

GlobalFoundries Stock Down 3.2 %

Shares of GFS opened at $45.27 on Friday. The firm has a market cap of $24.98 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The company’s fifty day moving average is $40.34 and its two-hundred day moving average is $46.53. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the company posted $0.47 EPS. The company’s revenue was down 6.1% on a year-over-year basis.

Institutional Trading of GlobalFoundries

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of GlobalFoundries in the 3rd quarter valued at $34,000. Massmutual Trust Co. FSB ADV acquired a new stake in shares of GlobalFoundries during the 2nd quarter worth approximately $59,000. US Bancorp DE grew its holdings in GlobalFoundries by 77.0% during the third 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 period. Thurston Springer Miller Herd & Titak Inc. bought a new position in GlobalFoundries in the second quarter valued at approximately $65,000. Finally, CWM LLC lifted its position 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 purchasing an additional 373 shares in the last quarter.

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.