GLOBALFOUNDRIES (NASDAQ:GFS) Receives New Coverage from Analysts at Evercore ISI

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

A number of other equities analysts also recently commented on the company. Robert W. Baird reduced their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. JPMorgan Chase & Co. reduced 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. Citigroup downgraded GLOBALFOUNDRIES from a buy rating to a neutral rating and reduced their target price for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Cantor Fitzgerald restated a neutral rating and issued a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Finally, Susquehanna restated 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. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, GLOBALFOUNDRIES currently has an average rating of Moderate Buy and a consensus target price of $63.08.

GLOBALFOUNDRIES Stock Performance

Shares of GLOBALFOUNDRIES stock opened at $47.80 on Tuesday. GLOBALFOUNDRIES has a one year low of $46.73 and a one year high of $68.57. The company has a market cap of $26.18 billion, a price-to-earnings 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 quick ratio of 1.56 and a current ratio of 2.04. The business’s 50 day moving average price is $52.65 and its 200 day moving average price is $54.82.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter last year, the business posted $1.37 earnings per share. The firm’s revenue was down 11.8% compared to the same quarter last year. On average, research analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Several institutional investors and hedge funds have recently modified their holdings of the company. Treasurer of the State of North Carolina raised its holdings in shares of GLOBALFOUNDRIES by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock valued at $2,005,000 after buying an additional 180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after buying an additional 187 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of GLOBALFOUNDRIES by 6.2% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock valued at $314,000 after buying an additional 316 shares during the period. Principal Financial Group Inc. raised its holdings in shares of GLOBALFOUNDRIES by 5.5% in the 3rd quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock valued at $358,000 after buying an additional 321 shares during the period. Finally, Balentine LLC raised its holdings in shares of GLOBALFOUNDRIES by 7.8% in the 2nd quarter. Balentine LLC now owns 4,525 shares of the company’s stock valued at $292,000 after buying an additional 326 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.