Susquehanna Lowers GLOBALFOUNDRIES (NASDAQ:GFS) Price Target to $75.00

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective lowered by analysts at Susquehanna from $82.00 to $75.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s price target would indicate a potential upside of 41.91% from the company’s current price.

A number of other equities research analysts also recently issued reports on GFS. Wedbush reissued an “outperform” rating and set a $70.00 price target (down previously from $72.00) on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 9th. Bank of America reduced their price target on GLOBALFOUNDRIES from $75.00 to $70.00 in a research report on Wednesday, August 9th. Deutsche Bank Aktiengesellschaft reduced their price target on GLOBALFOUNDRIES from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Morgan Stanley reduced their price target on GLOBALFOUNDRIES from $80.00 to $73.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 9th. Finally, Wolfe Research assumed coverage on GLOBALFOUNDRIES in a report on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 target price on the stock. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.75.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ GFS opened at $52.85 on Thursday. The firm has a market cap of $28.95 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 8.51 and a beta of 1.83. The company has a current ratio of 1.98, a quick ratio of 1.44 and a debt-to-equity ratio of 0.24. GLOBALFOUNDRIES has a 1-year low of $48.12 and a 1-year high of $72.50. The business’s 50 day moving average is $55.83 and its 200-day moving average is $58.51.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.83 billion. GLOBALFOUNDRIES had a return on equity of 16.16% and a net margin of 19.07%. Equities research analysts predict that GLOBALFOUNDRIES will post 1.79 earnings per share for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Hedge funds have recently modified their holdings of the company. Private Advisor Group LLC bought a new position in GLOBALFOUNDRIES during the 1st quarter worth $843,000. Barclays PLC raised its position in GLOBALFOUNDRIES by 95.4% during the 1st quarter. Barclays PLC now owns 239,258 shares of the company’s stock worth $17,270,000 after purchasing an additional 116,813 shares during the last quarter. Bank of Montreal Can bought a new position in GLOBALFOUNDRIES during the 2nd quarter worth $37,060,000. Corton Capital Inc. lifted its stake in shares of GLOBALFOUNDRIES by 10.1% in the 1st quarter. Corton Capital Inc. now owns 7,390 shares of the company’s stock valued at $533,000 after purchasing an additional 675 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of GLOBALFOUNDRIES by 90.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 6,525 shares of the company’s stock valued at $463,000 after purchasing an additional 3,107 shares during the period. Institutional investors and hedge funds own 14.76% of the company’s stock.

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.