Susquehanna Cuts GlobalFoundries (NASDAQ:GFS) Price Target to $48.00

GlobalFoundries (NASDAQ:GFS) had its price objective cut by Susquehanna from $50.00 to $48.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

GFS has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Wedbush reiterated an “outperform” rating and issued a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Finally, 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. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.46.

GlobalFoundries Stock Down 2.8 %

Shares of NASDAQ GFS traded down $1.29 during trading on Wednesday, hitting $43.98. 3,360,948 shares of the company traded hands, compared to its average volume of 1,951,101. The business’s fifty day moving average is $40.28 and its 200 day moving average is $46.51. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The firm has a market capitalization of $24.27 billion, a price-to-earnings ratio of 32.82, a P/E/G ratio of 7.56 and a beta of 1.53. 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 (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business posted $0.47 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities research analysts predict that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several large investors have recently modified their holdings of the company. Intech Investment Management LLC raised its stake in shares of GlobalFoundries by 33.1% during the 3rd quarter. Intech Investment Management LLC now owns 8,656 shares of the company’s stock worth $348,000 after buying an additional 2,155 shares during the last quarter. Advisors Asset Management Inc. grew its holdings 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 period. AM Squared Ltd purchased a new stake in shares of GlobalFoundries during the 3rd quarter worth about $60,000. CIBC Asset Management Inc boosted its holdings in GlobalFoundries by 3.7% in 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. Finally, ICICI Prudential Asset Management Co Ltd boosted its holdings in GlobalFoundries by 18.8% in 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.

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.