Raymond James & Associates Sells 19,361 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Raymond James & Associates lessened its position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) by 25.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,291 shares of the company’s stock after selling 19,361 shares during the period. Raymond James & Associates’ holdings in GLOBALFOUNDRIES were worth $2,722,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GFS. Wahed Invest LLC purchased a new position in shares of GLOBALFOUNDRIES during the second quarter valued at approximately $27,000. Royal London Asset Management Ltd. purchased a new position in shares of GLOBALFOUNDRIES during the second quarter valued at approximately $31,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of GLOBALFOUNDRIES during the second quarter valued at approximately $71,000. DekaBank Deutsche Girozentrale purchased a new position in shares of GLOBALFOUNDRIES during the second quarter valued at approximately $75,000. Finally, Penserra Capital Management LLC purchased a new stake in GLOBALFOUNDRIES during the first quarter valued at approximately $90,000. Institutional investors own 16.08% of the company’s stock.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ:GFS opened at $56.45 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.10 and a current ratio of 1.45. The firm has a fifty day moving average price of $60.00 and a 200 day moving average price of $56.39. GLOBALFOUNDRIES Inc. has a fifty-two week low of $36.81 and a fifty-two week high of $79.49. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 37.63, a P/E/G ratio of 0.62 and a beta of 2.19.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) last issued its earnings results on Tuesday, November 8th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.07. GLOBALFOUNDRIES had a net margin of 10.48% and a return on equity of 9.65%. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.05 billion. As a group, sell-side analysts expect that GLOBALFOUNDRIES Inc. will post 2.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on GFS. Susquehanna upped their target price on shares of GLOBALFOUNDRIES from $75.00 to $80.00 in a report on Wednesday, November 9th. Needham & Company LLC upped their target price on shares of GLOBALFOUNDRIES from $68.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, November 9th. Bank of America upped their target price on shares of GLOBALFOUNDRIES from $75.00 to $80.00 in a report on Wednesday, November 9th. Susquehanna Bancshares upped their target price on shares of GLOBALFOUNDRIES from $75.00 to $80.00 in a report on Wednesday, November 9th. Finally, HSBC upped their target price on shares of GLOBALFOUNDRIES to $55.00 in a report on Tuesday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $73.15.

GLOBALFOUNDRIES Profile

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GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.