GlobalFoundries (NASDAQ:GFS) Price Target Cut to $55.00 by Analysts at Evercore ISI

GlobalFoundries (NASDAQ:GFS) had its target price reduced by Evercore ISI from $71.00 to $55.00 in a research note issued to investors on Wednesday, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

GFS has been the topic of several other reports. 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. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a report on Wednesday. Citigroup reduced their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, Robert W. Baird dropped their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock opened at $47.48 on Wednesday. The business has a 50-day simple moving average of $40.35 and a 200-day simple moving average of $46.54. The company has a market cap of $26.20 billion, a PE ratio of 31.83, a P/E/G ratio of 5.82 and a beta of 1.53. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

GlobalFoundries (NASDAQ:GFS) last announced 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 business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the business earned $0.47 EPS. On average, equities research analysts forecast that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new stake in shares of GlobalFoundries in the third quarter valued at approximately $34,000. Massmutual Trust Co. FSB ADV purchased a new position in GlobalFoundries in the 2nd quarter valued at approximately $59,000. US Bancorp DE raised its holdings in GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in GlobalFoundries during the second quarter worth $65,000. Finally, CWM LLC grew its holdings in GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after purchasing an additional 373 shares during 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.