GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Lowered to $43.00 at HSBC

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective reduced by HSBC from $56.00 to $43.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a hold rating on the stock.

GFS has been the subject of a number of other research reports. Susquehanna reissued a neutral rating and issued a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Citigroup downgraded shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and reduced their price target for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. JPMorgan Chase & Co. lowered their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Cantor Fitzgerald reiterated a neutral rating and set a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Finally, Bank of America dropped their price target on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a research report on Tuesday, April 16th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, GLOBALFOUNDRIES has a consensus rating of Moderate Buy and an average target price of $61.46.

GLOBALFOUNDRIES Stock Performance

Shares of GFS stock opened at $49.27 on Friday. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES has a 52 week low of $45.52 and a 52 week high of $68.57. The firm has a 50 day moving average of $50.86 and a 200-day moving average of $53.91. The company has a market cap of $27.27 billion, a price-to-earnings ratio of 26.78, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

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

Institutional Trading of GLOBALFOUNDRIES

A number of institutional investors have recently added to or reduced their stakes in GFS. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after purchasing an additional 187 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock worth $52,000 after buying an additional 730 shares in the last quarter. Advisors Preferred LLC bought a new stake in GLOBALFOUNDRIES during the third quarter valued at $58,000. Blue Trust Inc. grew its position in GLOBALFOUNDRIES by 31.6% during the fourth quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after buying an additional 363 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in GLOBALFOUNDRIES by 230.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock worth $119,000 after acquiring an additional 1,423 shares during the last quarter.

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.