GlobalFoundries (NASDAQ:GFS) Reaches New 1-Year High - Time to Buy?

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as $35.18 and last traded at $35.07, with a volume of 1330585 shares changing hands. The stock had previously closed at $34.65.

Wall Street Analyst Weigh In

GFS has been the subject of several research reports. Needham & Company LLC upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a report on Wednesday, February 12th. Citigroup decreased their target price on shares of GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Wedbush reaffirmed an "outperform" rating and issued a $60.00 price target on shares of GlobalFoundries in a research note on Wednesday, February 12th. UBS Group cut their price objective on 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 boosted their target price on GlobalFoundries from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.67.

GlobalFoundries Price Performance

The stock has a 50 day moving average of $35.91 and a two-hundred day moving average of $40.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.57 and a current ratio of 2.11. The firm has a market capitalization of $20.13 billion, a P/E ratio of -75.83, a P/E/G ratio of 1.42 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.07). GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. Sell-side analysts predict that GlobalFoundries Inc. will post 1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently made changes to their positions in GFS. FMR LLC boosted its stake in 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 purchasing an additional 3,721,153 shares during the period. Analog Century Management LP bought a new stake in shares of GlobalFoundries in the fourth quarter valued at approximately $50,298,000. BNP Paribas Financial Markets acquired a new stake in shares of GlobalFoundries in the fourth quarter worth $22,912,000. Adage Capital Partners GP L.L.C. bought a new position in GlobalFoundries during the fourth quarter worth $16,091,000. Finally, Balyasny Asset Management L.P. bought a new position in GlobalFoundries during the fourth quarter worth $11,778,000.

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.