GlobalFoundries (NASDAQ:GFS) Price Target Raised to $42.00

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price target hoisted by equities research analysts at Citigroup from $35.00 to $42.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target indicates a potential upside of 0.82% from the company's current price.

A number of other equities research analysts have also recently issued reports on GFS. Wall Street Zen upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a research note on Monday, May 5th. Argus started coverage on shares of GlobalFoundries in a research note on Tuesday, July 1st. They issued a "buy" rating and a $52.00 price target on the stock. Morgan Stanley lowered their price objective on shares of GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, UBS Group lowered their price objective on shares of GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.08.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock traded up $2.71 on Monday, reaching $41.66. The stock had a trading volume of 2,333,164 shares, compared to its average volume of 1,836,429. The stock has a market cap of $23.03 billion, a P/E ratio of -122.53, a price-to-earnings-growth ratio of 1.22 and a beta of 1.50. The business's 50-day moving average price is $37.76 and its two-hundred day moving average price is $38.63. GlobalFoundries has a fifty-two week low of $29.77 and a fifty-two week high of $61.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.77 and a current ratio of 2.51.

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

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of GlobalFoundries by 7.5% in the fourth quarter. FMR LLC now owns 53,096,556 shares of the company's stock worth $2,278,373,000 after acquiring an additional 3,721,153 shares during the last quarter. First Trust Advisors LP increased its stake in shares of GlobalFoundries by 1.3% in the fourth quarter. First Trust Advisors LP now owns 3,118,293 shares of the company's stock valued at $133,806,000 after buying an additional 40,527 shares during the period. Invesco Ltd. increased its stake in shares of GlobalFoundries by 6.9% in the first quarter. Invesco Ltd. now owns 2,491,747 shares of the company's stock valued at $91,970,000 after buying an additional 159,936 shares during the period. ArrowMark Colorado Holdings LLC increased its position in GlobalFoundries by 5.7% during the 4th 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 during the period. Finally, Pacer Advisors Inc. increased its position in GlobalFoundries by 8,540.7% during the 1st 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.