GlobalFoundries (NASDAQ:GFS – Get Free Report) had its price objective cut by Cantor Fitzgerald from $55.00 to $40.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 0.98% from the stock’s current price.
A number of other brokerages have also recently issued reports on GFS. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of GlobalFoundries in a report on Wednesday, August 7th. TD Cowen cut their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research 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 for the company in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Evercore ISI lowered their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.
View Our Latest Analysis on GFS
GlobalFoundries Stock Performance
GlobalFoundries (NASDAQ:GFS – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. Equities research analysts forecast that GlobalFoundries will post 1.09 EPS for the current year.
Institutional Investors Weigh In On GlobalFoundries
Several large investors have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV purchased a new stake in GlobalFoundries in the second quarter valued at $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in GlobalFoundries in the 2nd quarter valued at about $65,000. CWM LLC boosted its holdings in shares of GlobalFoundries by 38.6% during the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after purchasing an additional 373 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of GlobalFoundries by 47.3% in the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after purchasing an additional 786 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in GlobalFoundries by 128.8% during the first quarter. China Universal Asset Management Co. Ltd. now owns 2,471 shares of the company’s stock worth $129,000 after buying an additional 1,391 shares during 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.
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