Wedbush Reaffirms “Outperform” Rating for GlobalFoundries (NASDAQ:GFS)

GlobalFoundries (NASDAQ:GFS)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research report issued to clients and investors on Tuesday, RTT News reports. They currently have a $60.00 price target on the stock, down from their prior price target of $65.00. Wedbush’s price objective suggests a potential upside of 45.03% from the company’s current price.

Several other research firms also recently commented on GFS. Evercore ISI lowered their price objective on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Cantor Fitzgerald cut their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, GlobalFoundries presently has an average rating of “Hold” and a consensus target price of $53.23.

GlobalFoundries Stock Up 14.9 %

GlobalFoundries stock traded up $5.36 during midday trading on Tuesday, reaching $41.37. The company’s stock had a trading volume of 6,778,122 shares, compared to its average volume of 1,585,006. 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 stock has a market capitalization of $22.83 billion, a P/E ratio of 28.14, a PEG ratio of 5.92 and a beta of 1.53. The stock’s 50-day simple moving average is $40.42 and its 200-day simple moving average is $46.57. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.28 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. On average, sell-side analysts expect that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

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

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.