GlobalFoundries (NASDAQ:GFS) Upgraded by Needham & Company LLC to Buy Rating

Needham & Company LLC upgraded shares of GlobalFoundries (NASDAQ:GFS) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports. They currently have $50.00 price objective on the stock.

Several other equities analysts have also weighed in on the stock. Susquehanna dropped their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday, November 6th. Finally, Evercore ISI cut their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $50.00.

GlobalFoundries Price Performance

NASDAQ:GFS opened at $43.55 on Wednesday. GlobalFoundries has a one year low of $35.85 and a one year high of $61.98. The stock has a market cap of $24.03 billion, a PE ratio of 32.50, a P/E/G ratio of 8.23 and a beta of 1.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The stock has a 50 day moving average price of $42.37 and a 200 day moving average price of $42.33.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. Equities research analysts expect that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Large investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in GlobalFoundries by 2.4% during the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company’s stock worth $1,987,360,000 after purchasing an additional 1,160,403 shares in the last quarter. State Street Corp boosted its stake in shares of GlobalFoundries by 8.3% in the 3rd quarter. State Street Corp now owns 1,275,554 shares of the company’s stock valued at $51,341,000 after buying an additional 98,084 shares during the period. Geode Capital Management LLC grew its position in shares of GlobalFoundries by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 912,986 shares of the company’s stock worth $39,176,000 after buying an additional 16,921 shares in the last quarter. Citigroup Inc. increased its stake in shares of GlobalFoundries by 16.0% during the third quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock worth $25,287,000 after buying an additional 86,740 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in GlobalFoundries by 22.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 262,872 shares of the company’s stock valued at $11,280,000 after acquiring an additional 48,380 shares in 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.