GlobalFoundries’ (GFS) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of GlobalFoundries (NASDAQ:GFS) in a report issued on Wednesday morning,Benzinga reports.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $53.00 to $43.00 in a report on Monday, October 28th. Citigroup decreased their price objective on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Robert W. Baird cut their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Wedbush restated an “outperform” rating and issued a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Finally, TD Cowen decreased their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Price Performance

Shares of NASDAQ:GFS traded down $1.29 on Wednesday, hitting $43.98. The stock had a trading volume of 3,360,948 shares, compared to its average volume of 1,951,101. The firm’s 50 day moving average price is $40.28 and its 200-day moving average price is $46.51. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.42. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. The company has a market capitalization of $24.27 billion, a price-to-earnings ratio of 32.82, a price-to-earnings-growth ratio of 7.56 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company posted $0.47 earnings per share. On average, equities research analysts predict that GlobalFoundries will post 1.09 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in GlobalFoundries during the 3rd quarter worth approximately $34,000. US Bancorp DE grew its stake in shares of GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Massmutual Trust Co. FSB ADV bought a new position in GlobalFoundries during the second quarter worth about $59,000. AM Squared Ltd acquired a new stake in GlobalFoundries in the 3rd quarter worth about $60,000. Finally, Advisors Asset Management Inc. boosted its holdings in GlobalFoundries by 41.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after purchasing an additional 463 shares during the period.

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.