Citigroup Issues Pessimistic Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price objective 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 research analysts have also weighed in on GFS. Cantor Fitzgerald dropped their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $53.00 to $43.00 in a report on Monday, October 28th. TD Cowen reduced their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Evercore ISI dropped 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. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $53.23.

GlobalFoundries Stock Up 14.9 %

NASDAQ:GFS opened at $41.37 on Tuesday. The business’s fifty day moving average price is $40.33 and its 200 day moving average price is $46.53. The firm 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. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61.

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

Institutional Trading of GlobalFoundries

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in GlobalFoundries during the 3rd quarter valued at approximately $34,000. Massmutual Trust Co. FSB ADV bought a new stake in shares of GlobalFoundries in the second quarter valued at approximately $59,000. US Bancorp DE grew its stake in shares of GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in GlobalFoundries during the second quarter worth $65,000. Finally, CWM LLC raised its stake in GlobalFoundries by 38.6% during the 2nd 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.

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.