GLOBALFOUNDRIES (NASDAQ:GFS) Stock Rating Reaffirmed by Needham & Company LLC

GLOBALFOUNDRIES (NASDAQ:GFS)‘s stock had its “hold” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports.

A number of other equities analysts have also recently issued reports on the stock. HSBC decreased their price objective on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Evercore ISI started coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price target on the stock. Citigroup cut 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 report on Wednesday, February 14th. Robert W. Baird reduced their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, Bank of America dropped their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, GLOBALFOUNDRIES has an average rating of “Moderate Buy” and a consensus price target of $61.46.

GLOBALFOUNDRIES Trading Up 7.1 %

NASDAQ GFS opened at $53.26 on Wednesday. The stock has a 50-day moving average of $50.75 and a 200-day moving average of $53.86. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.19. GLOBALFOUNDRIES has a 1-year low of $45.52 and a 1-year high of $68.57. The firm has a market cap of $29.48 billion, a PE ratio of 28.95, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61.

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

Institutional Trading of GLOBALFOUNDRIES

A number of hedge funds and other institutional investors have recently modified their holdings of GFS. Penserra Capital Management LLC increased its position in GLOBALFOUNDRIES by 63,726.7% during the 3rd quarter. Penserra Capital Management LLC now owns 19,148 shares of the company’s stock valued at $1,113,000 after buying an additional 19,118 shares in the last quarter. FMR LLC increased its holdings in shares of GLOBALFOUNDRIES by 18.7% during the third quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after acquiring an additional 5,544,907 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of GLOBALFOUNDRIES in the 4th quarter worth about $976,000. Charles Schwab Investment Management Inc. boosted its stake in GLOBALFOUNDRIES by 43.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 120,456 shares of the company’s stock worth $7,009,000 after purchasing an additional 36,595 shares in the last quarter. Finally, Profund Advisors LLC increased its stake in GLOBALFOUNDRIES by 40.9% during the 3rd quarter. Profund Advisors LLC now owns 38,340 shares of the company’s stock valued at $2,231,000 after purchasing an additional 11,124 shares in the last quarter.

About GLOBALFOUNDRIES

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.