GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Lowered to $55.00 at Bank of America

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective trimmed by Bank of America from $62.00 to $55.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

GFS has been the subject of several other research reports. JPMorgan Chase & Co. cut their price objective on GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating for the company in a research report on Wednesday, February 14th. Susquehanna reiterated a neutral rating and issued a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Robert W. Baird cut their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research report on Tuesday. They issued an outperform rating and a $71.00 price objective for the company. Finally, Cantor Fitzgerald restated a neutral rating and issued a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $63.08.

GLOBALFOUNDRIES Price Performance

GLOBALFOUNDRIES stock opened at $46.89 on Tuesday. GLOBALFOUNDRIES has a 12 month low of $46.42 and a 12 month 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 business has a 50 day simple moving average of $52.47 and a 200-day simple moving average of $54.70. The stock has a market capitalization of $25.68 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 4.04 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last released 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. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.37 earnings per share. Equities analysts predict that GLOBALFOUNDRIES will post 1 earnings per share for the current year.

Institutional Trading of GLOBALFOUNDRIES

A number of hedge funds have recently added to or reduced their stakes in GFS. Bank of New York Mellon Corp boosted its stake in GLOBALFOUNDRIES by 1.4% in the 1st quarter. Bank of New York Mellon Corp now owns 81,148 shares of the company’s stock worth $5,066,000 after buying an additional 1,101 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of GLOBALFOUNDRIES by 12.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,307 shares of the company’s stock valued at $706,000 after purchasing an additional 1,236 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of GLOBALFOUNDRIES by 16.4% in the 1st quarter. HighTower Advisors LLC now owns 4,455 shares of the company’s stock valued at $277,000 after purchasing an additional 627 shares in the last quarter. Citigroup Inc. lifted its stake in shares of GLOBALFOUNDRIES by 32.9% in the 1st quarter. Citigroup Inc. now owns 5,608 shares of the company’s stock valued at $350,000 after purchasing an additional 1,389 shares in the last quarter. Finally, Cibc World Market Inc. lifted its stake in shares of GLOBALFOUNDRIES by 131.8% in the 1st quarter. Cibc World Market Inc. now owns 15,986 shares of the company’s stock valued at $998,000 after purchasing an additional 9,090 shares in the last quarter.

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.