GlobalFoundries (NASDAQ:GFS) Price Target Cut to $35.00 by Analysts at JPMorgan Chase & Co.

GlobalFoundries (NASDAQ:GFS) had its price target reduced by JPMorgan Chase & Co. from $40.00 to $35.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley reduced their target price on shares of GlobalFoundries from $38.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of GlobalFoundries in a research note on Wednesday, October 8th. Arete upgraded shares of GlobalFoundries from a “sell” rating to a “neutral” rating and set a $37.00 price target for the company in a report on Wednesday, August 27th. Jefferies Financial Group reiterated a “hold” rating and issued a $38.00 target price on shares of GlobalFoundries in a research note on Monday, October 27th. Finally, Wall Street Zen raised GlobalFoundries from a “hold” rating to a “buy” rating in a report on Monday, September 15th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $40.21.

GlobalFoundries Trading Up 1.0%

Shares of GFS traded up $0.33 during midday trading on Thursday, hitting $33.05. The stock had a trading volume of 2,999,582 shares, compared to its average volume of 3,238,098. The business has a 50-day simple moving average of $34.29 and a two-hundred day simple moving average of $36.05. The company has a current ratio of 2.63, a quick ratio of 1.92 and a debt-to-equity ratio of 0.13. GlobalFoundries has a fifty-two week low of $29.77 and a fifty-two week high of $47.69. The firm has a market cap of $18.27 billion, a P/E ratio of -367.18, a price-to-earnings-growth ratio of 1.29 and a beta of 1.49.

Hedge Funds Weigh In On GlobalFoundries

Institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GlobalFoundries by 4.8% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 132,288 shares of the company’s stock worth $5,053,000 after acquiring an additional 6,022 shares during the period. 111 Capital purchased a new position in GlobalFoundries in the second quarter worth $343,000. Vanguard Personalized Indexing Management LLC increased its position in shares of GlobalFoundries by 20.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,100 shares of the company’s stock valued at $615,000 after acquiring an additional 2,753 shares during the period. Signaturefd LLC lifted its holdings in shares of GlobalFoundries by 51.3% during the first quarter. Signaturefd LLC now owns 1,026 shares of the company’s stock valued at $38,000 after purchasing an additional 348 shares during the last quarter. Finally, Strs Ohio purchased a new stake in GlobalFoundries during the first quarter valued at $1,164,000.

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.