GlobalFoundries (NASDAQ:GFS) Stock Price Target Lowered at TD Cowen

GlobalFoundries (NASDAQ:GFS) had its target price lowered by equities research analysts at TD Cowen from $75.00 to $60.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen‘s price objective suggests a potential upside of 65.18% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the company. Needham & Company LLC dropped their target price on GlobalFoundries from $80.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday. BNP Paribas Exane cut shares of GlobalFoundries from an “outperform” rating to a “neutral” rating and set a $51.00 price target for the company. in a report on Monday, October 5th. Zacks Research downgraded shares of GlobalFoundries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Robert W. Baird set a $140.00 price objective on shares of GlobalFoundries in a research note on Thursday, August 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $50.00 target price on shares of GlobalFoundries in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, GlobalFoundries currently has a consensus rating of “Hold” and a consensus price target of $70.74.

GlobalFoundries Trading Down 10.0%

NASDAQ GFS traded down $4.01 on Thursday, hitting $36.33. 13,635,430 shares of the stock were exchanged, compared to its average volume of 4,461,479. The company’s 50-day moving average price is $46.18 and its two-hundred day moving average price is $54.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.48 and a quick ratio of 1.74. GlobalFoundries has a 52-week low of $32.02 and a 52-week high of $92.55. The company has a market capitalization of $19.93 billion, a price-to-earnings ratio of 28.38, a P/E/G ratio of 1.36 and a beta of 1.78.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Wednesday, November 4th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.51 by $0.02. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. GlobalFoundries had a return on equity of 6.69% and a net margin of 10.36%. GlobalFoundries’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.44 earnings per share. Research analysts predict that GlobalFoundries will post 1.48 EPS for the current year.

Insider Activity

In related news, insider Pradheepa Raman sold 2,145 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $48.83, for a total value of $104,740.35. Following the completion of the sale, the insider owned 2,145 shares of the company’s stock, valued at approximately $104,740.35. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 12,590 shares of company stock worth $620,877.

Institutional Trading of GlobalFoundries

Several large investors have recently added to or reduced their stakes in GFS. V Square Quantitative Management LLC acquired a new stake in shares of GlobalFoundries during the 3rd quarter worth approximately $30,000. FNY Investment Advisers LLC bought a new stake in shares of GlobalFoundries during the second quarter valued at approximately $60,000. Parallel Advisors LLC increased its position in shares of GlobalFoundries by 39.8% during the first quarter. Parallel Advisors LLC now owns 832 shares of the company’s stock valued at $37,000 after purchasing an additional 237 shares during the period. Global Assets Advisory LLC bought a new stake in shares of GlobalFoundries during the first quarter valued at approximately $53,000. Finally, Signaturefd LLC raised its stake in shares of GlobalFoundries by 22.3% in the third quarter. Signaturefd LLC now owns 1,370 shares of the company’s stock valued at $66,000 after purchasing an additional 250 shares in the last quarter.

Key Stories Impacting GlobalFoundries

Here are the key news stories impacting GlobalFoundries this week:

• Positive Sentiment: GlobalFoundries reported Q3 earnings of $0.53 per share, above the $0.51 consensus, and revenue of $1.90 billion, slightly ahead of estimates and up 12.5% year over year. GlobalFoundries Q3 results
• Positive Sentiment: Recent coverage highlighted improved margins and commitments supporting future growth, which could bolster the company’s outlook if sustained. Margins improve and future commitments
• Negative Sentiment: Several firms sharply reduced their price targets: Wedbush cut its target to $45 and moved to “neutral,” Needham lowered its target to $55 while retaining “buy,” and Susquehanna cut its target to $110 while keeping a positive rating. The broad downward revisions may have undermined investor confidence, even though two firms maintained favorable ratings. Wedbush rating

About GlobalFoundries

GlobalFoundries Inc (NASDAQ:GFS) is a semiconductor manufacturer that operates as a contract foundry, producing chips designed by other companies. The company provides wafer fabrication and related services for customers in the automotive, communications infrastructure, aerospace and defense, industrial, and consumer electronics markets.

GlobalFoundries specializes in differentiated semiconductor technologies rather than competing primarily in the most advanced logic-processing nodes. Its offerings include radio-frequency and silicon-on-insulator technologies, embedded memory, power-management solutions, high-voltage processes, silicon photonics, and other specialty platforms used in connectivity, sensing, automotive electronics, and edge-computing applications.

The company was established in 2009 through the separation of Advanced Micro Devices’ manufacturing operations, with investment from the Abu Dhabi-based Advanced Technology Investment Company.