GlobalFoundries (NASDAQ:GFS) Price Target Raised to $45.00

GlobalFoundries (NASDAQ:GFS) had its price objective boosted by Evercore ISI from $43.00 to $45.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

GFS has been the subject of several other research reports. Wedbush lifted their price objective on GlobalFoundries from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of GlobalFoundries in a report on Wednesday, October 8th. BNP Paribas Exane began coverage on shares of GlobalFoundries in a report on Friday, October 24th. They set an “outperform” rating and a $45.00 price target for the company. Morgan Stanley dropped their price objective on shares of GlobalFoundries from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen raised shares of GlobalFoundries from a “hold” rating to a “buy” rating in a research report on Monday, September 15th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, GlobalFoundries has an average rating of “Hold” and a consensus target price of $40.21.

GlobalFoundries Trading Up 1.0%

NASDAQ:GFS opened at $33.05 on Thursday. The firm has a market cap of $18.27 billion, a PE ratio of -367.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.49. The stock has a fifty day moving average price of $34.29 and a 200 day moving average price of $36.06. GlobalFoundries has a 12-month low of $29.77 and a 12-month high of $47.69. The company has a current ratio of 2.63, a quick ratio of 1.92 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Invesco Ltd. raised its stake in GlobalFoundries by 7.9% during the 3rd quarter. Invesco Ltd. now owns 2,962,385 shares of the company’s stock worth $106,172,000 after acquiring an additional 217,866 shares in the last quarter. First Trust Advisors LP boosted its stake in GlobalFoundries by 15.2% in the third quarter. First Trust Advisors LP now owns 2,659,454 shares of the company’s stock valued at $95,315,000 after acquiring an additional 350,743 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of GlobalFoundries by 168.2% during the third quarter. AQR Capital Management LLC now owns 2,607,792 shares of the company’s stock worth $93,463,000 after purchasing an additional 1,635,338 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of GlobalFoundries by 8,540.7% during the first quarter. Pacer Advisors Inc. now owns 2,472,634 shares of the company’s stock worth $91,265,000 after purchasing an additional 2,444,018 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of GlobalFoundries by 137.8% in the 3rd quarter. Squarepoint Ops LLC now owns 1,300,189 shares of the company’s stock valued at $46,599,000 after purchasing an additional 753,376 shares during the last quarter.

About GlobalFoundries

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.