GlobalFoundries (NASDAQ:GFS) Given New $37.00 Price Target at UBS Group

Key Points

• UBS Group has reduced its price target for GlobalFoundries from $43.00 to $37.00, indicating a potential upside of 12.85% from the stock's current price.
• GlobalFoundries reported earnings of $0.42 per share for the last quarter, exceeding expectations and showing a 3.4% increase in revenue year-over-year.
• The company currently holds an average rating of "Moderate Buy" from analysts, with a target price averaging around $47.46.

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price target lowered by investment analysts at UBS Group from $43.00 to $37.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's target price would indicate a potential upside of 12.85% from the stock's current price.

A number of other equities analysts have also issued reports on the stock. Argus began coverage on shares of GlobalFoundries in a research report on Tuesday, July 1st. They issued a "buy" rating and a $52.00 target price for the company. The Goldman Sachs Group began coverage on shares of GlobalFoundries in a research note on Thursday, July 10th. They set a "neutral" rating and a $40.00 price objective 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 research note on Wednesday, May 7th. Wall Street Zen raised GlobalFoundries from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Citigroup lifted their price target on GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, GlobalFoundries currently has an average rating of "Moderate Buy" and an average target price of $47.46.

GlobalFoundries Stock Down 0.0%

Shares of GFS traded down $0.01 during midday trading on Wednesday, reaching $32.79. 1,256,310 shares of the company were exchanged, compared to its average volume of 2,023,497. GlobalFoundries has a 1-year low of $29.77 and a 1-year high of $47.69. The stock has a 50-day moving average price of $38.60 and a 200-day moving average price of $38.16. 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 company has a market cap of $18.13 billion, a price-to-earnings ratio of -96.87, a P/E/G ratio of 1.13 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.68 billion. GlobalFoundries had a negative net margin of 2.77% and a positive return on equity of 6.28%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the business earned $0.38 EPS. Research analysts expect that GlobalFoundries will post 1.31 earnings per share for the current year.

Institutional Investors Weigh In On GlobalFoundries

Large investors have recently bought and sold shares of the business. Treasurer of the State of North Carolina grew its holdings in GlobalFoundries by 0.7% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,238 shares of the company's stock valued at $1,855,000 after buying an additional 280 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in GlobalFoundries by 26.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company's stock valued at $57,000 after acquiring an additional 320 shares in the last quarter. Voya Investment Management LLC increased its holdings in GlobalFoundries by 2.9% in the 1st quarter. Voya Investment Management LLC now owns 12,288 shares of the company's stock valued at $454,000 after acquiring an additional 346 shares during the last quarter. Signaturefd LLC lifted its stake in GlobalFoundries by 51.3% in the 1st quarter. Signaturefd LLC now owns 1,026 shares of the company's stock worth $38,000 after purchasing an additional 348 shares in the last quarter. Finally, Mariner LLC boosted its holdings in shares of GlobalFoundries by 5.5% during the 4th quarter. Mariner LLC now owns 8,111 shares of the company's stock valued at $348,000 after purchasing an additional 420 shares during the last quarter.

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.

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