GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Cut to $43.00 by Analysts at HSBC

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) had its price target cut by equities research analysts at HSBC from $56.00 to $43.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a "hold" rating on the stock. HSBC's price objective points to a potential downside of 12.73% from the company's current price.

GFS has been the topic of several other research reports. Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 14th. Susquehanna restated a "neutral" rating and issued a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Bank of America decreased their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 16th. Cantor Fitzgerald restated a "neutral" rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Finally, Evercore ISI began coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They set an "outperform" rating and a $71.00 price objective for the company. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, GLOBALFOUNDRIES has an average rating of "Moderate Buy" and a consensus target price of $61.46.

GLOBALFOUNDRIES Stock Performance

Shares of GLOBALFOUNDRIES stock traded up $0.99 on Friday, reaching $49.27. 1,554,864 shares of the company traded hands, compared to its average volume of 1,531,279. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56. The firm has a market capitalization of $27.27 billion, a PE ratio of 26.78, a PEG ratio of 3.97 and a beta of 1.61. The company has a 50 day moving average of $50.86 and a 200 day moving average of $53.94. GLOBALFOUNDRIES has a 52 week low of $45.52 and a 52 week high of $68.57.

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

Institutional Trading of GLOBALFOUNDRIES

Several hedge funds and other institutional investors have recently bought and sold shares of GFS. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of GLOBALFOUNDRIES by 50.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company's stock worth $34,000 after buying an additional 187 shares during the period. PNC Financial Services Group Inc. lifted its position in GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company's stock valued at $52,000 after purchasing an additional 730 shares during the last quarter. Advisors Preferred LLC bought a new position in shares of GLOBALFOUNDRIES in the third quarter worth approximately $58,000. Blue Trust Inc. increased its stake in shares of GLOBALFOUNDRIES by 31.6% in the fourth quarter. Blue Trust Inc. now owns 1,510 shares of the company's stock worth $88,000 after buying an additional 363 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its holdings in GLOBALFOUNDRIES by 230.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company's stock valued at $119,000 after buying an additional 1,423 shares during the last quarter.

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.

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