Citigroup Lowers GlobalFoundries (NASDAQ:GFS) Price Target to $40.00

GlobalFoundries (NASDAQ:GFS) had its target price decreased by equities research analysts at Citigroup from $45.00 to $40.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential downside of 3.31% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Evercore ISI decreased their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald cut their target price on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, TD Cowen cut their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus target price of $53.23.

GlobalFoundries Price Performance

NASDAQ GFS traded up $5.36 during trading on Tuesday, reaching $41.37. The company’s stock had a trading volume of 6,778,122 shares, compared to its average volume of 1,585,006. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The firm has a fifty day moving average of $40.42 and a 200 day moving average of $46.57. The stock has a market capitalization of $22.83 billion, a PE ratio of 28.14, a P/E/G ratio of 5.92 and a beta of 1.53. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. Analysts expect that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GFS. DekaBank Deutsche Girozentrale boosted its stake in shares of GlobalFoundries by 4.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after purchasing an additional 340 shares in the last quarter. CWM LLC lifted its stake in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after purchasing an additional 373 shares during the period. Pacer Advisors Inc. boosted its position in shares of GlobalFoundries by 1.7% during the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock valued at $1,333,000 after purchasing an additional 444 shares in the last quarter. Royal London Asset Management Ltd. grew its stake in GlobalFoundries by 1.3% in the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock worth $1,758,000 after purchasing an additional 450 shares during the period. Finally, Profund Advisors LLC increased its stake in shares of GlobalFoundries by 1.1% in the 2nd quarter. Profund Advisors LLC now owns 45,626 shares of the company’s stock worth $2,307,000 after acquiring an additional 515 shares in the last quarter.

GlobalFoundries Company Profile

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.