GlobalFoundries (NASDAQ:GFS) Shares Gap Up – What’s Next?

Shares of GlobalFoundries Inc. (NASDAQ:GFS) gapped up prior to trading on Friday . The stock had previously closed at $40.93, but opened at $43.09. GlobalFoundries shares last traded at $43.00, with a volume of 282,431 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Citigroup lowered their price objective on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Robert W. Baird decreased their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI decreased their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.21.

GlobalFoundries Price Performance

The business has a fifty day moving average of $43.10 and a 200 day moving average of $44.04. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm has a market cap of $23.75 billion, a P/E ratio of 32.12, a PEG ratio of 8.70 and a beta of 1.57.

GlobalFoundries (NASDAQ:GFS) last released its quarterly 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. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts anticipate that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

Hedge Funds Weigh In On GlobalFoundries

Several large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $34,000. US Bancorp DE increased its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the last quarter. AM Squared Ltd purchased a new stake in shares of GlobalFoundries during the 3rd quarter worth approximately $60,000. Advisors Asset Management Inc. increased its stake in shares of GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of GlobalFoundries during the 3rd quarter worth approximately $66,000.

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.