GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Cut to $55.00

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) had its price objective decreased by analysts at Bank of America from $62.00 to $55.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Bank of America's price objective would suggest a potential upside of 15.06% from the company's previous close.

A number of other research analysts also recently commented on GFS. JPMorgan Chase & Co. decreased their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a "neutral" rating for the company in a research report on Wednesday, February 14th. Citigroup cut shares of GLOBALFOUNDRIES from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Evercore ISI initiated coverage on shares of GLOBALFOUNDRIES in a research report on Tuesday. They issued an "outperform" rating and a $71.00 target price for the company. Finally, Susquehanna reaffirmed a "neutral" rating and set a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.08.

GLOBALFOUNDRIES Stock Performance

Shares of GFS traded up $0.54 during trading hours on Tuesday, reaching $47.80. 1,175,839 shares of the company traded hands, compared to its average volume of 1,564,430. The stock has a market cap of $26.18 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 4.17 and a beta of 1.61. The stock's fifty day moving average is $52.65 and its 200 day moving average is $54.82. GLOBALFOUNDRIES has a 1-year low of $46.73 and a 1-year high of $68.57. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 2.04.

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.85 billion for the quarter, compared to analysts' expectations of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. GLOBALFOUNDRIES's revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.37 earnings per share. Equities research analysts anticipate that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

A number of institutional investors and hedge funds have recently modified their holdings of GFS. Bank of New York Mellon Corp grew its position in GLOBALFOUNDRIES by 1.4% during the first quarter. Bank of New York Mellon Corp now owns 81,148 shares of the company's stock valued at $5,066,000 after acquiring an additional 1,101 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of GLOBALFOUNDRIES by 12.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,307 shares of the company's stock valued at $706,000 after buying an additional 1,236 shares during the period. HighTower Advisors LLC increased its position in shares of GLOBALFOUNDRIES by 16.4% during the first quarter. HighTower Advisors LLC now owns 4,455 shares of the company's stock valued at $277,000 after buying an additional 627 shares during the period. Citigroup Inc. increased its position in shares of GLOBALFOUNDRIES by 32.9% during the first quarter. Citigroup Inc. now owns 5,608 shares of the company's stock valued at $350,000 after buying an additional 1,389 shares during the period. Finally, Cibc World Market Inc. grew its holdings in GLOBALFOUNDRIES by 131.8% in the first quarter. Cibc World Market Inc. now owns 15,986 shares of the company's stock worth $998,000 after purchasing an additional 9,090 shares during the period.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.