Wedbush Reiterates “Outperform” Rating for GlobalFoundries (NASDAQ:GFS)

GlobalFoundries (NASDAQ:GFS)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $60.00 price target on the stock. Wedbush’s target price indicates a potential upside of 39.46% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Susquehanna lowered their price objective on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Robert W. Baird cut their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, UBS Group initiated coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price target for the company. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus target price of $50.13.

GlobalFoundries Price Performance

GlobalFoundries stock traded up $2.92 during midday trading on Wednesday, reaching $43.02. 1,679,618 shares of the company were exchanged, compared to its average volume of 1,970,142. The firm’s 50-day simple moving average is $42.48 and its 200-day simple moving average is $42.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a market capitalization of $23.74 billion, a price-to-earnings ratio of 32.11, a P/E/G ratio of 8.23 and a beta of 1.56. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $61.98.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data 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 net margin of 10.95% and a return on equity of 6.87%. On average, analysts anticipate that GlobalFoundries will post 1.22 EPS for the current year.

Institutional Trading of GlobalFoundries

Institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in GlobalFoundries by 2.4% in the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company’s stock worth $1,987,360,000 after purchasing an additional 1,160,403 shares during the last quarter. State Street Corp lifted its stake in GlobalFoundries by 8.3% in the third quarter. State Street Corp now owns 1,275,554 shares of the company’s stock valued at $51,341,000 after buying an additional 98,084 shares in the last quarter. Citigroup Inc. lifted its position in GlobalFoundries by 16.0% in the 3rd quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock valued at $25,287,000 after acquiring an additional 86,740 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of GlobalFoundries by 22.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 262,872 shares of the company’s stock valued at $11,280,000 after purchasing an additional 48,380 shares during the period. Finally, Weiss Asset Management LP bought a new stake in shares of GlobalFoundries in the third quarter valued at about $8,361,000.

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.