GlobalFoundries (NASDAQ:GFS) Trading Up 7.4% After Analyst Upgrade

GlobalFoundries Inc. (NASDAQ:GFS)’s stock price traded up 7.4% during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $40.00 to $42.00. Morgan Stanley currently has an equal weight rating on the stock. GlobalFoundries traded as high as $41.98 and last traded at $43.08. 792,122 shares changed hands during trading, a decline of 59% from the average session volume of 1,932,581 shares. The stock had previously closed at $40.10.

Several other analysts have also recently commented on GFS. Needham & Company LLC upgraded shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Susquehanna lowered their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a report on Wednesday, November 6th. Finally, Evercore ISI reduced their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $50.13.

Hedge Funds Weigh In On GlobalFoundries

Several large investors have recently added to or reduced their stakes in GFS. Quantbot Technologies LP raised its stake in shares of GlobalFoundries by 89.0% in the third quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after acquiring an additional 34,731 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of GlobalFoundries by 1,935.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock valued at $5,120,000 after acquiring an additional 120,960 shares during the period. SG Americas Securities LLC purchased a new stake in shares of GlobalFoundries in the fourth quarter valued at $1,748,000. Versor Investments LP raised its stake in shares of GlobalFoundries by 167.7% in the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after acquiring an additional 11,908 shares during the period. Finally, Weiss Asset Management LP purchased a new stake in shares of GlobalFoundries in the third quarter valued at $8,361,000.

GlobalFoundries Trading Up 6.7 %

The firm has a market cap of $23.61 billion, a PE ratio of 32.04, a P/E/G ratio of 8.23 and a beta of 1.56. The company’s 50 day moving average price is $42.48 and its two-hundred day moving average price is $42.40. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. As a group, sell-side analysts forecast that GlobalFoundries Inc. will post 1.22 EPS for the current year.

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.