Evercore ISI Has Lowered Expectations for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its target price reduced by Evercore ISI from $71.00 to $55.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also issued reports on GFS. Robert W. Baird decreased their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research report on Wednesday. Wedbush restated an “outperform” rating and issued a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Finally, TD Cowen dropped their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, GlobalFoundries currently has an average rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Price Performance

Shares of NASDAQ:GFS opened at $47.48 on Wednesday. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The stock has a market cap of $26.20 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The business’s fifty day moving average price is $40.35 and its two-hundred day moving average price is $46.54. 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 posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. On average, analysts forecast that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Ghisallo Capital Management LLC increased its holdings in GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of GlobalFoundries by 47.3% in the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after buying an additional 786 shares in the last quarter. Global X Japan Co. Ltd. raised its holdings in shares of GlobalFoundries by 52.0% during the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock valued at $3,218,000 after buying an additional 21,765 shares during the period. Tidal Investments LLC lifted its position in GlobalFoundries by 343.7% during the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after acquiring an additional 73,060 shares in the last quarter. Finally, Renaissance Capital LLC boosted its holdings in GlobalFoundries by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after acquiring an additional 17,707 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.