GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Increased to $63.00 by Analysts at Morgan Stanley

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective increased by Morgan Stanley from $62.00 to $63.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Bank of America decreased their price target on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. Robert W. Baird cut their price target on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a 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 report on Monday, April 8th. Evercore ISI assumed coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an outperform rating and a $71.00 target price for the company. Finally, Needham & Company LLC reiterated a hold rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. Seven 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.com, the company has a consensus rating of Moderate Buy and a consensus target price of $61.23.

GLOBALFOUNDRIES Price Performance

GLOBALFOUNDRIES stock traded down $0.79 during mid-day trading on Wednesday, reaching $51.57. The company had a trading volume of 209,226 shares, compared to its average volume of 1,543,812. The company has a market capitalization of $28.55 billion, a P/E ratio of 28.46, a P/E/G ratio of 4.16 and a beta of 1.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.04 and a quick ratio of 1.56. The stock’s 50-day simple moving average is $50.75 and its 200-day simple moving average is $53.85. GLOBALFOUNDRIES has a 1 year low of $45.52 and a 1 year high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.85 billion. During the same period in the previous year, the business earned $1.37 earnings per share. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts predict 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 bought and sold shares of GFS. Raymond James & Associates boosted its position in GLOBALFOUNDRIES by 17.2% in the 3rd quarter. Raymond James & Associates now owns 80,779 shares of the company’s stock valued at $4,701,000 after buying an additional 11,847 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of GLOBALFOUNDRIES by 19.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 501,176 shares of the company’s stock valued at $29,163,000 after buying an additional 80,381 shares during the last quarter. TD Asset Management Inc grew its position in shares of GLOBALFOUNDRIES by 22.7% during the third quarter. TD Asset Management Inc now owns 30,988 shares of the company’s stock worth $1,803,000 after buying an additional 5,734 shares in the last quarter. ING Groep NV increased its stake in shares of GLOBALFOUNDRIES by 48.1% in the third quarter. ING Groep NV now owns 66,547 shares of the company’s stock worth $3,872,000 after buying an additional 21,625 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in GLOBALFOUNDRIES by 21.2% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 63,932 shares of the company’s stock valued at $3,720,000 after acquiring an additional 11,195 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.