GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives $60.62 Consensus Price Target from Analysts

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) have earned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $60.62.

Several analysts recently issued reports on GFS shares. Jefferies Financial Group started coverage on shares of GLOBALFOUNDRIES in a research note on Monday, May 13th. They set a “buy” rating and a $62.00 price objective for the company. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Bank of America cut their price target on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Morgan Stanley lifted their target price on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Finally, HSBC dropped their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating for the company in a report on Friday, May 3rd.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GFS. Principal Financial Group Inc. increased its stake in GLOBALFOUNDRIES by 5.5% in the third quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock valued at $358,000 after purchasing an additional 321 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of GLOBALFOUNDRIES by 32.2% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 30,422 shares of the company’s stock worth $1,770,000 after acquiring an additional 7,411 shares during the period. Barclays PLC increased its stake in shares of GLOBALFOUNDRIES by 26.7% during the third quarter. Barclays PLC now owns 215,097 shares of the company’s stock worth $12,515,000 after acquiring an additional 45,328 shares during the period. Amalgamated Bank increased its stake in shares of GLOBALFOUNDRIES by 9.6% during the third quarter. Amalgamated Bank now owns 7,567 shares of the company’s stock worth $440,000 after acquiring an additional 665 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of GLOBALFOUNDRIES by 186.5% during the third quarter. Janney Montgomery Scott LLC now owns 24,452 shares of the company’s stock worth $1,423,000 after acquiring an additional 15,918 shares during the period.

GLOBALFOUNDRIES Stock Down 0.5 %

Shares of NASDAQ GFS opened at $47.67 on Tuesday. GLOBALFOUNDRIES has a 12-month low of $45.52 and a 12-month high of $68.57. The stock has a market cap of $26.48 billion, a PE ratio of 29.43, a P/E/G ratio of 4.51 and a beta of 1.57. The company has a current ratio of 2.18, a quick ratio of 1.59 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $50.01 and a 200 day moving average of $53.48.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. As a group, sell-side analysts predict that GLOBALFOUNDRIES will post 1.06 EPS for the current fiscal year.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.