Morgan Stanley Issues Pessimistic Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS - Free Report) had its price objective lowered by Morgan Stanley from $42.00 to $38.00 in a research report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Wedbush reissued an "outperform" rating and issued a $60.00 price target on shares of GlobalFoundries in a research note on Wednesday, February 12th. Citigroup dropped their target price on shares of GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. UBS Group decreased their price target on shares of GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Finally, Needham & Company LLC upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.33.

GlobalFoundries Price Performance

Shares of NASDAQ:GFS traded up $2.47 during midday trading on Wednesday, hitting $38.85. The company's stock had a trading volume of 770,032 shares, compared to its average volume of 1,858,564. The business's 50 day simple moving average is $35.64 and its 200 day simple moving average is $39.88. 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 company has a market cap of $21.48 billion, a P/E ratio of -80.87, a price-to-earnings-growth ratio of 1.42 and a beta of 1.54. GlobalFoundries has a 12-month low of $29.77 and a 12-month high of $61.98.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.06. GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm earned $0.31 earnings per share. GlobalFoundries's quarterly revenue was up 2.3% compared to the same quarter last year. On average, analysts forecast that GlobalFoundries will post 1.31 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

A number of institutional investors have recently bought and sold shares of the business. Treasurer of the State of North Carolina boosted its stake in shares of GlobalFoundries by 0.7% in 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 purchasing an additional 280 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in GlobalFoundries by 26.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company's stock worth $57,000 after purchasing an additional 320 shares during the last quarter. Signaturefd LLC increased its stake in shares of GlobalFoundries by 51.3% in the 1st quarter. Signaturefd LLC now owns 1,026 shares of the company's stock valued at $38,000 after acquiring an additional 348 shares during the last quarter. Mariner LLC increased its stake in shares of GlobalFoundries by 5.5% in the 4th quarter. Mariner LLC now owns 8,111 shares of the company's stock valued at $348,000 after acquiring an additional 420 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of GlobalFoundries by 1.7% in the 4th quarter. American Century Companies Inc. now owns 25,949 shares of the company's stock valued at $1,113,000 after purchasing an additional 438 shares during the period.

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.