Evercore ISI Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $55.00

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

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

GlobalFoundries Stock Performance

NASDAQ GFS traded down $1.29 during trading hours on Wednesday, hitting $43.98. The company had a trading volume of 3,360,948 shares, compared to its average volume of 1,951,101. The company has a quick ratio of 1.59, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm has a market cap of $24.27 billion, a P/E ratio of 32.82, a price-to-earnings-growth ratio of 7.56 and a beta of 1.53. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The business has a fifty day simple moving average of $40.28 and a 200-day simple moving average of $46.51.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 earnings per share. Equities analysts predict that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Trading of GlobalFoundries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP raised its stake in shares of GlobalFoundries by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after buying an additional 1,299,687 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 acquiring an additional 77,581 shares during the period. ProShare Advisors LLC raised its position in shares of GlobalFoundries by 25.9% during the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock valued at $28,365,000 after acquiring an additional 112,149 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of GlobalFoundries by 267.7% in the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the period. Finally, Ghisallo Capital Management LLC boosted its position in shares of GlobalFoundries by 200.0% in 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.