Creative Planning Makes New Investment in GlobalFoundries Inc. (NASDAQ:GFS)

Creative Planning acquired a new position in GlobalFoundries Inc. (NASDAQ:GFS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,336 shares of the company’s stock, valued at approximately $295,000.

A number of other large investors have also added to or reduced their stakes in the company. Inspire Investing LLC increased its stake in GlobalFoundries by 36.4% in the 3rd quarter. Inspire Investing LLC now owns 7,033 shares of the company’s stock worth $283,000 after acquiring an additional 1,875 shares during the last quarter. Sanibel Captiva Trust Company Inc. boosted its holdings in shares of GlobalFoundries by 67.1% in the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 8,270 shares of the company’s stock worth $333,000 after purchasing an additional 3,320 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of GlobalFoundries by 44.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 28,276 shares of the company’s stock worth $1,138,000 after purchasing an additional 8,765 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of GlobalFoundries by 533.6% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 51,343 shares of the company’s stock worth $2,596,000 after purchasing an additional 43,239 shares during the period. Finally, Ghisallo Capital Management LLC boosted 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.

Analysts Set New Price Targets

GFS has been the subject of a number of recent research reports. Susquehanna dropped their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday. Wedbush restated an “outperform” rating and set a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Finally, Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, GlobalFoundries has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Price Performance

Shares of GFS stock opened at $43.98 on Friday. GlobalFoundries Inc. has a twelve month low of $35.85 and a twelve month high of $62.61. The stock 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. The stock has a fifty day simple moving average of $40.28 and a two-hundred day simple moving average of $46.51. The company has a current ratio of 2.42, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 EPS. On average, analysts predict that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

GlobalFoundries 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.