GLOBALFOUNDRIES (NASDAQ:GFS – Free Report) had its price objective decreased by Bank of America from $62.00 to $55.00 in a report released on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the stock.
Several other equities analysts have also weighed in on GFS. Citigroup lowered GLOBALFOUNDRIES from a buy rating to a neutral rating and cut their target price for the company from $70.00 to $56.00 in a research note on Wednesday, February 14th. Susquehanna reaffirmed a neutral rating and issued a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. 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 report on Wednesday, February 14th. Cantor Fitzgerald restated a neutral rating and issued a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Finally, Robert W. Baird reduced their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $63.08.
GLOBALFOUNDRIES Trading Up 1.1 %
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.37 EPS. As a group, sell-side analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current year.
Institutional Investors Weigh In On GLOBALFOUNDRIES
A number of hedge funds have recently added to or reduced their stakes in GFS. Advisors Asset Management Inc. acquired a new stake in shares of GLOBALFOUNDRIES in the 3rd quarter worth about $33,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after buying an additional 187 shares during the last quarter. Natixis bought a new position in GLOBALFOUNDRIES during the 4th quarter worth approximately $38,000. KBC Group NV raised its position in GLOBALFOUNDRIES by 210.9% during the 4th quarter. KBC Group NV now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 544 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock worth $52,000 after buying an additional 730 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.
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