GlobalFoundries’ (GFS) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of GlobalFoundries (NASDAQ:GFS) in a report published on Wednesday morning, Marketbeat reports. Wedbush currently has a $60.00 price objective on the stock.

Several other equities research analysts also recently weighed in on GFS. Evercore ISI decreased their price target 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. Susquehanna decreased their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC upgraded GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday. Morgan Stanley increased their target price on GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Citigroup decreased their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.00.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $43.55 on Wednesday. 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 has a 12-month low of $35.85 and a 12-month high of $61.98. The company has a market capitalization of $24.03 billion, a P/E ratio of 32.50, a P/E/G ratio of 8.23 and a beta of 1.56. The firm has a 50-day moving average price of $42.37 and a two-hundred day moving average price of $42.33.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 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%. Analysts anticipate that GlobalFoundries will post 1.22 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors have recently made changes to their positions in GFS. Quantbot Technologies LP increased its stake in GlobalFoundries by 89.0% in the 3rd quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock worth $2,969,000 after buying an additional 34,731 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of GlobalFoundries by 1,935.4% during the 3rd 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 last quarter. SG Americas Securities LLC purchased a new position in shares of GlobalFoundries in the fourth quarter valued at $1,748,000. Versor Investments LP increased its position in GlobalFoundries by 167.7% in the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after purchasing an additional 11,908 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in GlobalFoundries during the third quarter valued at $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.