GlobalFoundries (NASDAQ:GFS) Trading Up 7.4% Following Analyst Upgrade

GlobalFoundries Inc. (NASDAQ:GFS)’s stock price traded up 7.4% during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $40.00 to $42.00. Morgan Stanley currently has an equal weight rating on the stock. GlobalFoundries traded as high as $41.98 and last traded at $43.08. 792,122 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 1,932,581 shares. The stock had previously closed at $40.10.

Several other research analysts also recently weighed in on the company. Evercore ISI dropped their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft dropped their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Robert W. Baird decreased their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. UBS Group initiated coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. Finally, 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 report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.00.

Hedge Funds Weigh In On GlobalFoundries

Several large investors have recently made changes to their positions in the company. Quantbot Technologies LP grew its position in GlobalFoundries by 89.0% during the third quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after buying an additional 34,731 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake 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 worth $5,120,000 after acquiring an additional 120,960 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of GlobalFoundries in the 4th quarter valued at about $1,748,000. Versor Investments LP raised its holdings in GlobalFoundries by 167.7% in the 3rd 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 period. Finally, Weiss Asset Management LP purchased a new position in GlobalFoundries during the third quarter worth approximately $8,361,000.

GlobalFoundries Stock Performance

The company has a market capitalization of $24.03 billion, a price-to-earnings ratio of 32.50, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The firm has a fifty day simple moving average of $42.37 and a 200 day simple moving average of $42.33. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. On average, analysts anticipate that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

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.