Citigroup Forecasts Strong Price Appreciation for GlobalFoundries (NASDAQ:GFS) Stock

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price objective boosted by analysts at Citigroup from $35.00 to $42.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price suggests a potential upside of 1.87% from the company's current price.

GFS has been the subject of several other reports. Argus initiated coverage on GlobalFoundries in a research note on Tuesday, July 1st. They issued a "buy" rating and a $52.00 price objective for the company. Wall Street Zen raised shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. UBS Group reduced their target price on shares of GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Finally, Morgan Stanley decreased their target price on shares of GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, GlobalFoundries has a consensus rating of "Moderate Buy" and a consensus price target of $47.46.

GlobalFoundries Stock Up 0.6%

Shares of GFS stock traded up $0.24 during trading hours on Monday, reaching $41.23. 1,360,868 shares of the company's stock were exchanged, compared to its average volume of 1,840,347. GlobalFoundries has a 1 year low of $29.77 and a 1 year high of $61.98. The company has a current ratio of 2.51, a quick ratio of 1.77 and a debt-to-equity ratio of 0.13. The stock has a market cap of $22.80 billion, a PE ratio of -121.26, a PEG ratio of 1.28 and a beta of 1.50. The stock's fifty day moving average price is $38.00 and its two-hundred day moving average price is $38.62.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.06. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. GlobalFoundries had a negative net margin of 2.77% and a positive return on equity of 6.28%. GlobalFoundries's revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. Research analysts predict that GlobalFoundries will post 1.31 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of large investors have recently bought and sold shares of GFS. FMR LLC increased its position in shares of GlobalFoundries by 7.5% in the fourth quarter. FMR LLC now owns 53,096,556 shares of the company's stock valued at $2,278,373,000 after buying an additional 3,721,153 shares in the last quarter. First Trust Advisors LP increased its holdings in GlobalFoundries by 1.3% in the 4th quarter. First Trust Advisors LP now owns 3,118,293 shares of the company's stock worth $133,806,000 after acquiring an additional 40,527 shares in the last quarter. Invesco Ltd. raised its position in GlobalFoundries by 6.9% during the first quarter. Invesco Ltd. now owns 2,491,747 shares of the company's stock worth $91,970,000 after acquiring an additional 159,936 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in GlobalFoundries by 5.7% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,473,170 shares of the company's stock valued at $106,124,000 after purchasing an additional 132,634 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of GlobalFoundries by 8,540.7% in the first quarter. Pacer Advisors Inc. now owns 2,472,634 shares of the company's stock valued at $91,265,000 after purchasing an additional 2,444,018 shares during the period.

About GlobalFoundries

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.