GLOBALFOUNDRIES (NASDAQ:GFS) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI started coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a report issued on Tuesday, MarketBeat.com reports. The firm issued an outperform rating and a $71.00 price target on the stock.

GFS has been the subject of several other research reports. Citigroup lowered shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and lowered their price target for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their target price on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Cantor Fitzgerald reaffirmed a neutral rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Robert W. Baird lowered their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Finally, Susquehanna restated a neutral rating and set a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, GLOBALFOUNDRIES has a consensus rating of Moderate Buy and a consensus price target of $63.08.

GLOBALFOUNDRIES Price Performance

GFS stock opened at $46.26 on Tuesday. The stock has a market cap of $25.34 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 4.00 and a beta of 1.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56. The company has a 50 day simple moving average of $52.31 and a 200 day simple moving average of $54.64. GLOBALFOUNDRIES has a 1 year low of $46.23 and a 1 year high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the business earned $1.37 earnings per share. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. Research analysts anticipate that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new position in shares of GLOBALFOUNDRIES in the third quarter valued at $33,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares during the last quarter. Natixis bought a new position in GLOBALFOUNDRIES in the 4th quarter valued at about $38,000. KBC Group NV boosted its stake in GLOBALFOUNDRIES by 210.9% during the 4th quarter. KBC Group NV now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 544 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in GLOBALFOUNDRIES by 442.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock worth $52,000 after purchasing an additional 730 shares in the last quarter.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.