GLOBALFOUNDRIES (NASDAQ:GFS) PT Lowered to $43.00 at HSBC

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price dropped by HSBC from $56.00 to $43.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. HSBC’s target price suggests a potential downside of 12.73% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Robert W. Baird lowered their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. Susquehanna restated a “neutral” rating and issued a $48.00 price objective (down from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Bank of America decreased their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 16th. Finally, Evercore ISI started coverage on shares of GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, GLOBALFOUNDRIES currently has an average rating of “Moderate Buy” and a consensus price target of $61.46.

GLOBALFOUNDRIES Stock Performance

NASDAQ:GFS traded up $0.99 during trading hours on Friday, reaching $49.27. The company had a trading volume of 1,554,864 shares, 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. GLOBALFOUNDRIES has a 1-year low of $45.52 and a 1-year high of $68.57. The business’s 50 day moving average price is $50.86 and its 200-day moving average price is $53.94. The firm has a market cap of $27.27 billion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 3.97 and a beta of 1.61.

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

Institutional Investors Weigh In On GLOBALFOUNDRIES

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GFS. Treasurer of the State of North Carolina grew its holdings in shares of GLOBALFOUNDRIES by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock worth $2,005,000 after purchasing an additional 180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in GLOBALFOUNDRIES by 50.4% during 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. Vanguard Personalized Indexing Management LLC increased its position in shares of GLOBALFOUNDRIES by 6.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock valued at $314,000 after acquiring an additional 316 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of GLOBALFOUNDRIES by 5.5% in the 3rd quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock valued at $358,000 after acquiring an additional 321 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of GLOBALFOUNDRIES by 31.6% in the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after acquiring an additional 363 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.