GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Cut to $55.00 by Analysts at Bank of America

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price cut by equities research analysts at Bank of America from $62.00 to $55.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 13.82% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Evercore ISI began coverage on GLOBALFOUNDRIES in a report on Tuesday. They set an “outperform” rating and a $71.00 price target on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $55.00 price target (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Citigroup downgraded shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Susquehanna reiterated a “neutral” rating and set a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. reduced their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, GLOBALFOUNDRIES presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.08.

GLOBALFOUNDRIES Stock Up 2.2 %

GLOBALFOUNDRIES stock traded up $1.06 during midday trading on Tuesday, reaching $48.32. The company’s stock had a trading volume of 546,806 shares, compared to its average volume of 1,555,451. The business has a 50-day simple moving average of $52.65 and a 200-day simple moving average of $54.82. The company has a market cap of $26.47 billion, a P/E ratio of 26.23, a P/E/G ratio of 4.17 and a beta of 1.61. GLOBALFOUNDRIES has a fifty-two week low of $46.73 and a fifty-two week high of $68.57. 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 (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the company posted $1.37 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts expect that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Institutional Trading of GLOBALFOUNDRIES

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mubadala Investment Co PJSC acquired a new stake in GLOBALFOUNDRIES in the 4th quarter valued at $28,451,821,000. FMR LLC increased its holdings in GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after purchasing an additional 5,544,907 shares in the last quarter. Norges Bank acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter valued at about $80,293,000. Capital Research Global Investors grew its stake in shares of GLOBALFOUNDRIES by 1,042.5% during the first quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after acquiring an additional 1,201,093 shares in the last quarter. Finally, Kodai Capital Management LP acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter valued at about $67,351,000.

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.