GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.18-0.28 for the period, compared to the consensus estimate of $0.47. The company issued revenue guidance of $1.5-1.54 billion, compared to the consensus revenue estimate of $1.77 billion.
GLOBALFOUNDRIES Price Performance
Shares of NASDAQ:GFS opened at $55.82 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 2.11 and a debt-to-equity ratio of 0.23. GLOBALFOUNDRIES has a fifty-two week low of $48.12 and a fifty-two week high of $72.50. The firm has a 50-day simple moving average of $56.99 and a 200 day simple moving average of $56.39. The company has a market cap of $30.58 billion, a PE ratio of 21.89, a P/E/G ratio of 9.04 and a beta of 1.71.
Wall Street Analysts Forecast Growth
GFS has been the subject of a number of recent research reports. Wedbush reaffirmed an outperform rating and set a $70.00 price objective on shares of GLOBALFOUNDRIES in a research report on Tuesday, November 7th. Morgan Stanley decreased their target price on shares of GLOBALFOUNDRIES from $73.00 to $68.00 and set an overweight rating for the company in a research report on Wednesday, November 8th. JPMorgan Chase & Co. cut shares of GLOBALFOUNDRIES from an overweight rating to a neutral rating and decreased their target price for the stock from $65.00 to $56.00 in a research report on Monday, February 5th. Bank of America cut shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and decreased their target price for the stock from $70.00 to $65.00 in a research report on Friday, December 15th. Finally, Cantor Fitzgerald initiated coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday, January 23rd. They issued an overweight rating and a $70.00 price target for the company. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $73.41.
Institutional Investors Weigh In On GLOBALFOUNDRIES
Several hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. acquired a new position in GLOBALFOUNDRIES in the 3rd quarter valued at approximately $33,000. Natixis acquired a new position in GLOBALFOUNDRIES in the 4th quarter valued at approximately $38,000. Steward Partners Investment Advisory LLC increased its stake in GLOBALFOUNDRIES by 79.3% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 771 shares of the company’s stock valued at $56,000 after buying an additional 341 shares during the period. Wahed Invest LLC increased its stake in GLOBALFOUNDRIES by 70.5% in the 2nd quarter. Wahed Invest LLC now owns 1,134 shares of the company’s stock valued at $73,000 after buying an additional 469 shares during the period. Finally, Penserra Capital Management LLC acquired a new position in GLOBALFOUNDRIES in the 1st quarter valued at approximately $90,000. Hedge funds and other institutional investors own 14.76% of the company’s stock.
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.
- Five stocks we like better than GLOBALFOUNDRIES
- What Are Dividend Challengers?
- Lowe’s levels up: A blueprint for tomorrow’s home improvement
- Stock Market Sectors: What Are They and How Many Are There?
- Is Duke Energy stock ready to power up in 2024?
- 3 Tickers Leading a Meme Stock Revival
- Hershey stock presents investors a sweet buy-the-dip opportunity
Receive News & Ratings for GLOBALFOUNDRIES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GLOBALFOUNDRIES and related companies with MarketBeat.com's FREE daily email newsletter.