GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) have earned an average recommendation of “Hold” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $60.50.

Several research analysts have recently issued reports on GFS shares. Susquehanna upped their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their price target for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. Evercore ISI initiated coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price objective for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mubadala Investment Co PJSC purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth about $28,451,821,000. FMR LLC increased its position in GLOBALFOUNDRIES by 18.7% during the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after purchasing an additional 5,544,907 shares during the period. Ameriprise Financial Inc. raised its stake in shares of GLOBALFOUNDRIES by 36.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after buying an additional 838,355 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after buying an additional 201,611 shares during the period. Finally, Kodai Capital Management LP purchased a new stake in shares of GLOBALFOUNDRIES in the fourth quarter valued at approximately $67,351,000.

GLOBALFOUNDRIES Stock Down 1.5 %

Shares of NASDAQ:GFS opened at $51.60 on Friday. GLOBALFOUNDRIES has a fifty-two week low of $45.52 and a fifty-two week high of $68.57. The firm’s 50 day moving average price is $50.69 and its 200 day moving average price is $53.84. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.19. The stock has a market cap of $28.56 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

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