Citigroup Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $40.00

GlobalFoundries (NASDAQ:GFS) had its price objective cut by Citigroup from $45.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective 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. TD Cowen decreased their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald cut their target price on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Price Performance

Shares of GFS stock opened at $45.27 on Tuesday. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The stock has a market capitalization of $24.98 billion, a PE ratio of 33.78, a PEG ratio of 5.82 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The stock’s fifty day moving average is $40.34 and its 200-day moving average is $46.53.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $0.47 EPS. Equities research analysts expect that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP increased its position in shares of GlobalFoundries by 108.6% during 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 last quarter. Renaissance Technologies LLC raised its position in GlobalFoundries by 267.7% in 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 period. Ghisallo Capital Management LLC raised its holdings in shares of GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after purchasing an additional 200,000 shares during the period. International Assets Investment Management LLC grew its holdings in GlobalFoundries by 2,162.6% during the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after purchasing an additional 151,384 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in GlobalFoundries by 128.5% during the second quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock valued at $11,884,000 after purchasing an additional 132,170 shares during the period.

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.