GLOBALFOUNDRIES (NASDAQ:GFS) Now Covered by Analysts at Evercore ISI

Research analysts at Evercore ISI assumed coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an “outperform” rating and a $71.00 price target on the stock. Evercore ISI’s target price would indicate a potential upside of 50.23% from the stock’s previous close.

A number of other research firms have also weighed in on GFS. Citigroup lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. JPMorgan Chase & Co. lowered their price target on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Robert W. Baird decreased their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Finally, Susquehanna reiterated a “neutral” rating and issued a $48.00 price objective (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $63.85.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $47.26 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES has a 52 week low of $46.73 and a 52 week high of $68.57. The stock’s 50-day moving average price is $52.65 and its 200-day moving average price is $54.82. The stock has a market capitalization of $25.89 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 4.17 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The business’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 EPS. As a group, equities analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of GLOBALFOUNDRIES by 50.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after purchasing an additional 187 shares during the period. Advisors Asset Management Inc. purchased a new position in GLOBALFOUNDRIES during the 3rd quarter valued at about $33,000. Natixis purchased a new stake in GLOBALFOUNDRIES in the 4th quarter valued at approximately $38,000. Steward Partners Investment Advisory LLC boosted its stake in shares of GLOBALFOUNDRIES by 79.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 771 shares of the company’s stock valued at $56,000 after acquiring an additional 341 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of GLOBALFOUNDRIES by 210.9% during the fourth quarter. KBC Group NV now owns 802 shares of the company’s stock worth $49,000 after buying an additional 544 shares in the last quarter.

GLOBALFOUNDRIES Company Profile

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.