GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 267.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 354,049 shares of the company’s stock after acquiring an additional 257,749 shares during the quarter. Renaissance Technologies LLC owned about 0.06% of GLOBALFOUNDRIES worth $17,901,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Treasurer of the State of North Carolina lifted its stake in shares of GLOBALFOUNDRIES by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 34,789 shares of the company’s stock valued at $2,108,000 after purchasing an additional 340 shares during the period. CWM LLC lifted its position in shares of GLOBALFOUNDRIES by 38.6% during the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares during the period. Royal London Asset Management Ltd. boosted its stake in shares of GLOBALFOUNDRIES by 1.3% during the 2nd quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock worth $1,758,000 after acquiring an additional 450 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of GLOBALFOUNDRIES by 8.7% in the 1st quarter. Meeder Asset Management Inc. now owns 7,289 shares of the company’s stock worth $380,000 after acquiring an additional 583 shares during the period. Finally, American International Group Inc. increased its stake in GLOBALFOUNDRIES by 1.9% in the 4th quarter. American International Group Inc. now owns 38,708 shares of the company’s stock valued at $2,346,000 after purchasing an additional 729 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GFS shares. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 price target on shares of GLOBALFOUNDRIES in a research report on Tuesday, July 16th. Wedbush restated an “outperform” rating and set a $65.00 target price on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. TD Cowen dropped their price objective on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Evercore ISI reduced their target price on GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.54.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ:GFS opened at $39.41 on Friday. The business has a fifty day simple moving average of $46.05 and a 200-day simple moving average of $49.14. GLOBALFOUNDRIES Inc. has a 52 week low of $38.49 and a 52 week high of $62.61. The company has a market cap of $21.75 billion, a P/E ratio of 24.33, a P/E/G ratio of 6.64 and a beta of 1.54. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GLOBALFOUNDRIES had a net margin of 11.82% and a return on equity of 7.75%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that GLOBALFOUNDRIES Inc. will post 1.09 EPS for the current year.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.