GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives Average Recommendation of “Moderate Buy” from Brokerages

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has been given an average recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $63.08.

GFS has been the subject of a number of recent research reports. Susquehanna reissued a “neutral” rating and issued a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. 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. Citigroup lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and decreased their price target for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Bank of America decreased their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Mubadala Investment Co PJSC acquired a new stake in GLOBALFOUNDRIES during the fourth quarter worth about $28,451,821,000. FMR LLC boosted its stake in shares of GLOBALFOUNDRIES by 18.7% in the third quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after acquiring an additional 5,544,907 shares during the last quarter. Norges Bank purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth approximately $80,293,000. Capital Research Global Investors lifted its position in GLOBALFOUNDRIES by 1,042.5% during the first quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock worth $82,164,000 after buying an additional 1,201,093 shares in the last quarter. Finally, Kodai Capital Management LP purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth approximately $67,351,000.

GLOBALFOUNDRIES Stock Down 1.3 %

Shares of NASDAQ GFS opened at $46.26 on Monday. GLOBALFOUNDRIES has a one year low of $46.23 and a one year high of $68.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56. The firm’s 50 day simple moving average is $52.31 and its two-hundred day simple moving average is $54.64. The stock has a market capitalization of $25.34 billion, a P/E ratio of 25.42, a PEG ratio of 4.00 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results 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. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The business’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the business earned $1.37 earnings per share. As a group, analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

About GLOBALFOUNDRIES

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.