Robert W. Baird Lowers GlobalFoundries (NASDAQ:GFS) Price Target to $50.00

GlobalFoundries (NASDAQ:GFS) had its price objective dropped by Robert W. Baird from $63.00 to $50.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 20.86% from the stock’s previous close.

A number of other brokerages also recently issued reports on GFS. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Citigroup lowered their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday. Cantor Fitzgerald reduced their price target on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.23.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $41.37 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a market cap of $22.83 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53. The stock’s 50 day simple moving average is $40.33 and its 200-day simple moving average is $46.53.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company earned $0.45 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities research analysts anticipate that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP boosted its position in shares of GlobalFoundries by 108.6% in the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares during the period. Dimensional Fund Advisors LP raised its position 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 last quarter. ProShare Advisors LLC lifted its stake in shares of GlobalFoundries by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after acquiring an additional 112,149 shares during the period. Renaissance Technologies LLC lifted its position in GlobalFoundries by 267.7% in the second 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 stake in shares of GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after buying an additional 200,000 shares in the last quarter.

About GlobalFoundries

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.