GlobalFoundries (NASDAQ:GFS) Price Target Raised to $43.00

Key Points

• GlobalFoundries has had its price target increased from $37.00 to $43.00 by UBS Group, suggesting a potential upside of 5.70% from the last closing price.
• The stock currently holds a consensus rating of "Moderate Buy" with a target price of $47.92, which reflects the views of multiple analysts.
• GlobalFoundries reported a quarterly earnings per share of $0.34, exceeding analyst estimates and announcing revenue of $1.59 billion, a 2.3% increase from the previous year.

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price target lifted by investment analysts at UBS Group from $37.00 to $43.00 in a report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. UBS Group's price target would suggest a potential upside of 5.70% from the company's previous close.

Several other research analysts have also recently commented on the stock. 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. Citigroup increased their price objective on shares of GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 7th. The Goldman Sachs Group started coverage on shares of GlobalFoundries in a report on Thursday, July 10th. They issued a "neutral" rating and a $40.00 price objective for the company. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a research note on Monday, May 5th. Finally, Wall Street Zen raised shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.92.

GlobalFoundries Stock Up 1.8%

GFS stock traded up $0.70 during trading on Monday, reaching $40.68. The stock had a trading volume of 2,321,629 shares, compared to its average volume of 1,985,113. GlobalFoundries has a 1-year low of $29.77 and a 1-year high of $52.66. 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 capitalization of $22.49 billion, a P/E ratio of -119.64, a PEG ratio of 1.25 and a beta of 1.50. The firm has a fifty day moving average price of $38.61 and a 200 day moving average price of $38.32.

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

Hedge Funds Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC lifted its position in GlobalFoundries by 7.5% during the fourth quarter. FMR LLC now owns 53,096,556 shares of the company's stock worth $2,278,373,000 after purchasing an additional 3,721,153 shares during the period. First Trust Advisors LP lifted its holdings 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 worth $133,806,000 after acquiring an additional 40,527 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of GlobalFoundries by 6.9% in 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 last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of GlobalFoundries by 5.7% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,473,170 shares of the company's stock worth $106,124,000 after acquiring an additional 132,634 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings 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 worth $91,265,000 after acquiring an additional 2,444,018 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.