GlobalFoundries (NASDAQ:GFS) Given New $40.00 Price Target at Citigroup

GlobalFoundries (NASDAQ:GFS) had its target price decreased by Citigroup from $45.00 to $40.00 in a research report report published on Tuesday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other analysts also recently weighed in on the stock. TD Cowen cut their price objective 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. Cantor Fitzgerald reduced their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Evercore ISI lowered their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” 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 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. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and an average target price of $53.23.

GlobalFoundries Stock Up 14.9 %

Shares of GlobalFoundries stock opened at $41.37 on Tuesday. The stock has a market capitalization of $22.83 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 5.92 and a beta of 1.53. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. 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 business’s 50 day simple moving average is $40.33 and its 200-day simple moving average is $46.53.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share 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 firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Trading of GlobalFoundries

Hedge funds and other institutional investors have recently made changes to their positions in the business. ICICI Prudential Asset Management Co Ltd raised its position in shares of GlobalFoundries by 18.8% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock worth $290,000 after purchasing an additional 1,141 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in GlobalFoundries by 13.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock worth $4,339,000 after purchasing an additional 12,948 shares in the last quarter. Versor Investments LP raised its holdings in GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after buying an additional 11,908 shares during the period. Olympiad Research LP purchased a new stake in GlobalFoundries during the third quarter valued at about $334,000. Finally, US Bancorp DE lifted its stake 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 buying an additional 530 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.