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

GlobalFoundries (NASDAQ:GFS)‘s stock had its “neutral” rating reissued by analysts at Cantor Fitzgerald in a report issued on Wednesday,Benzinga reports. They presently have a $40.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential downside of 11.64% from the company’s previous close. Cantor Fitzgerald also issued estimates for GlobalFoundries’ FY2024 earnings at $1.25 EPS.

Several other brokerages also recently issued reports on GFS. TD Cowen decreased their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Citigroup reduced their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Finally, Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, GlobalFoundries has an average rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Stock Performance

Shares of GFS opened at $45.27 on Wednesday. The stock has a market cap of $24.98 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 5.82 and a beta of 1.53. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The business has a 50-day simple moving average of $40.34 and a two-hundred day simple moving average of $46.53. 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, beating analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 earnings per share. On average, analysts expect that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

Several large investors have recently bought and sold shares of GFS. Sumitomo Mitsui Trust Holdings Inc. lifted its position in GlobalFoundries by 17.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company’s stock valued at $4,334,000 after buying an additional 12,487 shares during the last quarter. Norden Group LLC acquired a new stake in GlobalFoundries in the 1st quarter valued at approximately $400,000. Duality Advisers LP acquired a new position in GlobalFoundries during the first quarter worth $1,401,000. Quantbot Technologies LP purchased a new stake in shares of GlobalFoundries in the 1st quarter valued at $6,347,000. Finally, SG Americas Securities LLC lifted its stake in GlobalFoundries by 12.9% during the 1st quarter. SG Americas Securities LLC now owns 205,841 shares of the company’s stock worth $10,726,000 after acquiring an additional 23,442 shares in the last quarter.

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.