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

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

Several other research firms have also issued reports on GFS. Citigroup dropped their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Wedbush restated an “outperform” rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday. Robert W. Baird dropped their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Stock Down 2.8 %

Shares of GFS traded down $1.29 on Wednesday, hitting $43.98. The company’s stock 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. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The firm’s fifty day moving average price is $40.28 and its 200-day moving average price is $46.51. The firm has a market capitalization of $24.27 billion, a price-to-earnings ratio of 32.82, a P/E/G ratio of 7.56 and a beta of 1.53.

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, beating the consensus estimate of $0.33 by $0.08. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. On average, equities research analysts expect that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its holdings 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 purchasing an additional 1,299,687 shares during the period. Dimensional Fund Advisors LP lifted 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 buying an additional 77,581 shares during the period. ProShare Advisors LLC grew its position in shares of GlobalFoundries by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock valued at $28,365,000 after buying an additional 112,149 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of GlobalFoundries by 267.7% during the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after acquiring an additional 257,749 shares during the last quarter. Finally, Ghisallo Capital Management LLC raised its position in shares of GlobalFoundries by 200.0% during the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after acquiring 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.