HSBC Trims GLOBALFOUNDRIES (NASDAQ:GFS) Target Price to $43.00

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price reduced by equities research analysts at HSBC from $56.00 to $43.00 in a report released on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. HSBC’s price target would suggest a potential downside of 12.73% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Citigroup cut shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Robert W. Baird cut their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Susquehanna restated a “neutral” rating and set a $48.00 price target (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Finally, Evercore ISI assumed coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price target for the company. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, GLOBALFOUNDRIES has an average rating of “Moderate Buy” and a consensus target price of $61.46.

GLOBALFOUNDRIES Price Performance

NASDAQ GFS traded up $0.99 on Friday, hitting $49.27. The stock had a trading volume of 1,555,102 shares, compared to its average volume of 1,388,470. The firm has a 50-day moving average of $50.86 and a 200-day moving average of $53.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04. GLOBALFOUNDRIES has a 52-week low of $45.52 and a 52-week high of $68.57. The company has a market capitalization of $27.27 billion, a price-to-earnings ratio of 26.78, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the company earned $1.37 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. Equities analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after purchasing an additional 187 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in GLOBALFOUNDRIES by 442.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after acquiring an additional 730 shares in the last quarter. Advisors Preferred LLC purchased a new position in shares of GLOBALFOUNDRIES during the 3rd quarter worth approximately $58,000. Blue Trust Inc. raised its position in shares of GLOBALFOUNDRIES by 31.6% in the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after acquiring an additional 363 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of GLOBALFOUNDRIES by 230.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock valued at $119,000 after purchasing an additional 1,423 shares during the period.

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.