Robert W. Baird Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $50.00

GlobalFoundries (NASDAQ:GFS) had its price objective cut by stock analysts at Robert W. Baird from $63.00 to $50.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 20.86% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Cantor Fitzgerald cut their price target on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Citigroup reduced their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $52.23.

GlobalFoundries Stock Up 14.9 %

GFS opened at $41.37 on Wednesday. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The firm has a 50-day simple moving average of $40.33 and a two-hundred day simple moving average of $46.53. The company has a market capitalization of $22.83 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53.

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

Institutional Investors Weigh In On GlobalFoundries

Hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of GlobalFoundries by 17.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company’s stock valued at $4,334,000 after purchasing an additional 12,487 shares during the period. Norden Group LLC purchased a new position in GlobalFoundries in the first quarter valued at $400,000. Duality Advisers LP acquired a new position in shares of GlobalFoundries in the first quarter worth about $1,401,000. Quantbot Technologies LP purchased a new stake in shares of GlobalFoundries during the 1st quarter worth about $6,347,000. Finally, SG Americas Securities LLC grew its position in shares of GlobalFoundries by 12.9% during the 1st quarter. SG Americas Securities LLC now owns 205,841 shares of the company’s stock valued at $10,726,000 after acquiring an additional 23,442 shares during the period.

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.