GlobalFoundries (NASDAQ:GFS) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of GlobalFoundries (NASDAQ:GFS) in a research note issued to investors on Wednesday, Benzinga reports.

Several other research analysts have also recently issued reports on GFS. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Citigroup reduced their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Cantor Fitzgerald reduced their price target on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Robert W. Baird reduced their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Evercore ISI reduced their price target on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Stock Performance

NASDAQ GFS traded down $0.81 on Wednesday, hitting $45.98. The stock had a trading volume of 200,322 shares, compared to its average volume of 1,601,949. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The stock has a market cap of $25.37 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 5.82 and a beta of 1.53. The company’s 50-day moving average is $40.35 and its two-hundred day moving average is $46.54.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. GlobalFoundries’s quarterly revenue was down 6.1% on a year-over-year basis. On average, analysts expect that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Trading of GlobalFoundries

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AM Squared Ltd bought a new position in shares of GlobalFoundries during the 3rd quarter worth about $60,000. CIBC Asset Management Inc lifted its holdings in shares of GlobalFoundries by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 106,529 shares of the company’s stock worth $4,288,000 after acquiring an additional 3,798 shares during the period. ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of GlobalFoundries by 18.8% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock worth $290,000 after acquiring an additional 1,141 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GlobalFoundries by 13.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock worth $4,339,000 after acquiring an additional 12,948 shares during the period. Finally, Versor Investments LP lifted its holdings in shares of GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after acquiring an additional 11,908 shares during the period.

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.