GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q1 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFSGet 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.

View Our Latest Stock Analysis on GFS

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.

About GLOBALFOUNDRIES

(Get Free Report)

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.

Further Reading

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