GlobalFoundries (NASDAQ:GFS) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of GlobalFoundries (NASDAQ:GFS - Free Report) in a research report sent to investors on Thursday, Marketbeat reports. The firm issued a neutral rating and a $40.00 price objective on the stock.

A number of other equities analysts have also recently commented on GFS. Cantor Fitzgerald reiterated a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. Citigroup lifted their target price on shares of GlobalFoundries from $35.00 to $42.00 and gave the stock a "neutral" rating in a report on Monday. UBS Group lowered their price target 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. Wall Street Zen upgraded GlobalFoundries from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Argus assumed coverage on GlobalFoundries in a research report on Tuesday, July 1st. They issued a "buy" rating and a $52.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.46.

GlobalFoundries Stock Up 0.6%

GFS stock traded up $0.24 during mid-day trading on Thursday, reaching $41.23. The company had a trading volume of 1,360,868 shares, compared to its average volume of 1,840,347. The company has a market capitalization of $22.80 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.28 and a beta of 1.50. GlobalFoundries has a 52 week low of $29.77 and a 52 week high of $61.98. The stock has a 50 day simple moving average of $38.00 and a two-hundred day simple moving average of $38.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.51 and a quick ratio of 1.77.

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, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the business earned $0.31 earnings per share. The firm's revenue was up 2.3% on a year-over-year basis. As a group, equities analysts predict that GlobalFoundries will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GlobalFoundries

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC boosted its holdings in shares of GlobalFoundries by 7.5% during the 4th quarter. FMR LLC now owns 53,096,556 shares of the company's stock valued at $2,278,373,000 after acquiring an additional 3,721,153 shares in the last quarter. Pacer Advisors Inc. boosted its stake in GlobalFoundries by 8,540.7% during the first quarter. Pacer Advisors Inc. now owns 2,472,634 shares of the company's stock worth $91,265,000 after acquiring an additional 2,444,018 shares in the last quarter. Analog Century Management LP bought a new position in GlobalFoundries during the fourth quarter worth $50,298,000. Alyeska Investment Group L.P. bought a new position in GlobalFoundries during the first quarter worth $40,493,000. Finally, Woodline Partners LP bought a new position in shares of GlobalFoundries in the first quarter valued at $33,504,000.

GlobalFoundries Company Profile

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.