GLOBALFOUNDRIES (NASDAQ:GFS) Now Covered by Analysts at Evercore ISI

Evercore ISI began coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a report published on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $71.00 target price on the stock.

Several other equities research analysts also recently commented on GFS. Susquehanna reiterated a neutral rating and issued a $48.00 price objective (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Citigroup downgraded GLOBALFOUNDRIES from a buy rating to a neutral rating and reduced their price objective for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a research report on Wednesday, February 14th. Cantor Fitzgerald reissued a neutral rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Finally, Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, GLOBALFOUNDRIES has a consensus rating of Moderate Buy and a consensus target price of $63.08.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ:GFS opened at $47.80 on Tuesday. GLOBALFOUNDRIES has a 1-year low of $46.73 and a 1-year high of $68.57. The business has a fifty day moving average price of $52.65 and a 200-day moving average price of $54.82. The company has a market capitalization of $26.18 billion, a PE ratio of 25.98, a PEG ratio of 4.17 and a beta of 1.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping 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 the consensus estimate of $1.85 billion. During the same period last year, the company earned $1.37 EPS. GLOBALFOUNDRIES’s revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities analysts expect that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Mubadala Investment Co PJSC purchased a new position in shares of GLOBALFOUNDRIES during the 4th quarter valued at about $28,451,821,000. FMR LLC lifted its holdings in GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after purchasing an additional 5,544,907 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in GLOBALFOUNDRIES by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after purchasing an additional 838,355 shares in the last quarter. First Trust Advisors LP boosted its stake in GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after purchasing an additional 201,611 shares during the period. Finally, Norges Bank bought a new position in GLOBALFOUNDRIES in the 4th quarter worth approximately $80,293,000.

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.