GlobalFoundries (NASDAQ:GFS) Price Target Lowered to $38.00 at Morgan Stanley

GlobalFoundries (NASDAQ:GFS) had its target price decreased by Morgan Stanley from $42.00 to $38.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research firms also recently issued reports on GFS. Needham & Company LLC upgraded shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday, February 12th. UBS Group cut their price objective on GlobalFoundries from $45.00 to $37.00 and set a “neutral” rating for the company in a report on Tuesday, April 29th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 target price on shares of GlobalFoundries in a research report on Wednesday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating on shares of GlobalFoundries in a report on Monday. Finally, Citigroup dropped their price objective on GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, GlobalFoundries has an average rating of “Moderate Buy” and a consensus price target of $48.33.

GlobalFoundries Price Performance

GFS opened at $36.39 on Wednesday. GlobalFoundries has a 12-month low of $29.77 and a 12-month high of $61.98. The company has a quick ratio of 1.57, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $20.12 billion, a P/E ratio of -75.81, a PEG ratio of 1.42 and a beta of 1.54. The stock has a fifty day moving average of $35.64 and a 200-day moving average of $39.87.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS. Equities analysts forecast that GlobalFoundries will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GFS. Treasurer of the State of North Carolina raised its stake in GlobalFoundries by 0.7% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,238 shares of the company’s stock valued at $1,855,000 after purchasing an additional 280 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of GlobalFoundries by 26.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company’s stock valued at $57,000 after buying an additional 320 shares during the period. Signaturefd LLC grew its position in GlobalFoundries by 51.3% during the first quarter. Signaturefd LLC now owns 1,026 shares of the company’s stock worth $38,000 after buying an additional 348 shares in the last quarter. Mariner LLC increased its stake in GlobalFoundries by 5.5% during the fourth quarter. Mariner LLC now owns 8,111 shares of the company’s stock valued at $348,000 after acquiring an additional 420 shares during the period. Finally, American Century Companies Inc. lifted its position in GlobalFoundries by 1.7% in the fourth quarter. American Century Companies Inc. now owns 25,949 shares of the company’s stock worth $1,113,000 after purchasing an additional 438 shares during the period.

About GlobalFoundries

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.