GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 7.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,795 shares of the company’s stock after selling 4,318 shares during the quarter. Raymond James & Associates’ holdings in GLOBALFOUNDRIES were worth $2,669,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mubadala Investment Co PJSC purchased a new stake in GLOBALFOUNDRIES during the 4th quarter worth approximately $28,451,821,000. Kodai Capital Management LP acquired a new position in GLOBALFOUNDRIES during the fourth quarter worth $67,351,000. Norges Bank acquired a new position in GLOBALFOUNDRIES during the fourth quarter worth $18,629,000. Dimensional Fund Advisors LP lifted its stake in GLOBALFOUNDRIES by 124.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock worth $29,581,000 after purchasing an additional 270,520 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of GLOBALFOUNDRIES by 9.9% in the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after acquiring an additional 201,611 shares in the last quarter.

GLOBALFOUNDRIES Price Performance

GFS stock opened at $46.68 on Monday. GLOBALFOUNDRIES Inc. has a 1 year low of $42.59 and a 1 year high of $62.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The stock’s 50 day moving average price is $49.39 and its 200 day moving average price is $50.49. The firm has a market cap of $25.76 billion, a P/E ratio of 28.81, a PEG ratio of 7.54 and a beta of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. GLOBALFOUNDRIES had a return on equity of 7.75% and a net margin of 11.82%. GLOBALFOUNDRIES’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. On average, sell-side analysts expect that GLOBALFOUNDRIES Inc. will post 1.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GFS shares. Susquehanna increased their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. TD Cowen dropped their price objective on GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Jefferies Financial Group began coverage on GLOBALFOUNDRIES in a report on Monday, May 13th. They set a “buy” rating and a $62.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Finally, Morgan Stanley lifted their price objective on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.54.

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.