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

GlobalFoundries (NASDAQ:GFS) had its target price reduced by Susquehanna from $50.00 to $48.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently commented on GFS. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Evercore ISI lowered their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday. Finally, TD Cowen reduced their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, GlobalFoundries currently has a consensus rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

Shares of GFS stock traded down $0.81 during trading hours on Wednesday, reaching $45.98. 200,322 shares of the company traded hands, compared to its average volume of 1,601,949. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. 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 company has a market cap of $25.37 billion, a P/E ratio of 31.83, a P/E/G ratio of 5.82 and a beta of 1.53. The firm has a 50-day moving average price of $40.35 and a 200 day moving average price of $46.54.

GlobalFoundries (NASDAQ:GFS) last posted 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. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the firm earned $0.47 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts predict that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds have recently made changes to their positions in GFS. Marshall Wace LLP lifted its stake in shares of GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after purchasing an additional 1,299,687 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of GlobalFoundries by 13.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after purchasing an additional 77,581 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of GlobalFoundries by 25.9% during the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after purchasing an additional 112,149 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of GlobalFoundries by 267.7% during the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after purchasing an additional 257,749 shares during the last quarter. Finally, Ghisallo Capital Management LLC lifted its stake in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after purchasing an additional 200,000 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.