GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Given Consensus Rating of “Moderate Buy” by Brokerages

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $76.19.

Several equities analysts have weighed in on the company. Bank of America cut their target price on GLOBALFOUNDRIES from $75.00 to $70.00 in a research note on Wednesday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $70.00 target price (down previously from $72.00) on shares of GLOBALFOUNDRIES in a research note on Wednesday, August 9th. Wolfe Research began coverage on shares of GLOBALFOUNDRIES in a report on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 target price on the stock. Susquehanna lowered their price objective on shares of GLOBALFOUNDRIES from $84.00 to $82.00 and set a “positive” rating for the company in a research report on Friday, August 4th. Finally, Morgan Stanley reduced their target price on GLOBALFOUNDRIES from $80.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, August 9th.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Matrix Capital Management Company LP grew its position in shares of GLOBALFOUNDRIES by 6.1% in the 4th quarter. Matrix Capital Management Company LP now owns 18,498,000 shares of the company’s stock valued at $996,857,000 after acquiring an additional 1,069,740 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in GLOBALFOUNDRIES by 3.9% during the second quarter. ArrowMark Colorado Holdings LLC now owns 1,801,712 shares of the company’s stock worth $116,355,000 after purchasing an additional 67,300 shares during the period. Marshall Wace LLP increased its position in GLOBALFOUNDRIES by 42.3% during the second quarter. Marshall Wace LLP now owns 1,733,462 shares of the company’s stock worth $111,947,000 after buying an additional 514,938 shares during the last quarter. Norges Bank bought a new stake in GLOBALFOUNDRIES in the fourth quarter valued at approximately $80,293,000. Finally, First Trust Advisors LP lifted its position in shares of GLOBALFOUNDRIES by 37.0% in the first quarter. First Trust Advisors LP now owns 1,486,900 shares of the company’s stock valued at $107,324,000 after buying an additional 401,582 shares during the last quarter. 14.76% of the stock is owned by institutional investors.

GLOBALFOUNDRIES Trading Up 0.3 %

Shares of GFS opened at $55.44 on Friday. The stock’s fifty day simple moving average is $60.34 and its 200-day simple moving average is $61.88. The firm has a market capitalization of $30.37 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 8.65 and a beta of 1.85. GLOBALFOUNDRIES has a 12-month low of $46.52 and a 12-month high of $72.50. The company has a quick ratio of 1.44, a current ratio of 1.98 and a debt-to-equity ratio of 0.24.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. GLOBALFOUNDRIES had a net margin of 19.07% and a return on equity of 16.16%. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.83 billion. As a group, research analysts predict that GLOBALFOUNDRIES will post 1.9 earnings per share for the current year.

About GLOBALFOUNDRIES

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.