GlobalFoundries Inc. (NASDAQ:GFS) Position Increased by Renaissance Capital LLC

Renaissance Capital LLC raised its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 20.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,047 shares of the company’s stock after buying an additional 17,707 shares during the period. GlobalFoundries makes up about 2.8% of Renaissance Capital LLC’s investment portfolio, making the stock its 14th largest holding. Renaissance Capital LLC’s holdings in GlobalFoundries were worth $4,268,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of GFS. Massmutual Trust Co. FSB ADV purchased a new position in shares of GlobalFoundries during the 2nd quarter valued at $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in GlobalFoundries in the 2nd quarter worth about $65,000. CWM LLC raised its stake in shares of GlobalFoundries by 38.6% during the 2nd 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. Lazard Asset Management LLC lifted its holdings in shares of GlobalFoundries by 47.3% during the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after buying an additional 786 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of GlobalFoundries by 17.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 4,687 shares of the company’s stock valued at $237,000 after buying an additional 688 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have commented on GFS shares. Cantor Fitzgerald decreased their target price on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. TD Cowen lowered their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Evercore ISI decreased their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, GlobalFoundries currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS opened at $40.26 on Wednesday. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $22.21 billion, a P/E ratio of 24.85, a P/E/G ratio of 6.45 and a beta of 1.52. GlobalFoundries Inc. has a 12 month low of $38.45 and a 12 month high of $62.61. The stock has a 50 day moving average of $42.04 and a 200-day moving average of $47.62.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities research analysts predict that GlobalFoundries Inc. will post 1.09 EPS for the current year.

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.