Evercore ISI Issues Positive Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price objective increased by investment analysts at Evercore ISI from $43.00 to $45.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price objective points to a potential upside of 36.03% from the stock’s current price.

Several other research firms have also recently issued reports on GFS. UBS Group lowered their price objective on GlobalFoundries from $43.00 to $37.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. BNP Paribas Exane assumed coverage on shares of GlobalFoundries in a research report on Friday, October 24th. They set an “outperform” rating and a $45.00 target price on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of GlobalFoundries in a research report on Wednesday, October 8th. Bank of America lowered GlobalFoundries from a “neutral” rating to an “underperform” rating and set a $35.00 target price for the company. in a research report on Monday, October 13th. Finally, Arete Research set a $37.00 price objective on shares of GlobalFoundries in a report on Wednesday, August 27th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and a consensus price target of $41.15.

GlobalFoundries Trading Down 3.2%

GlobalFoundries stock traded down $1.09 during mid-day trading on Thursday, reaching $33.08. 1,606,059 shares of the company traded hands, compared to its average volume of 2,395,740. The firm has a market capitalization of $18.29 billion, a price-to-earnings ratio of -157.60, a P/E/G ratio of 1.36 and a beta of 1.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.92. The firm’s 50 day moving average price is $34.31 and its 200 day moving average price is $36.08. GlobalFoundries has a 52-week low of $29.77 and a 52-week high of $47.69.

Institutional Trading of GlobalFoundries

Several large investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC raised its holdings in shares of GlobalFoundries by 0.7% during the 3rd quarter. Profund Advisors LLC now owns 45,349 shares of the company’s stock worth $1,625,000 after acquiring an additional 299 shares during the period. SBI Securities Co. Ltd. increased its position in GlobalFoundries by 26.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company’s stock worth $57,000 after purchasing an additional 320 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of GlobalFoundries by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,744 shares of the company’s stock valued at $372,000 after buying an additional 324 shares during the period. Voya Investment Management LLC raised its holdings in GlobalFoundries by 2.9% in the first quarter. Voya Investment Management LLC now owns 12,288 shares of the company’s stock valued at $454,000 after acquiring an additional 346 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in shares of GlobalFoundries by 5.7% in the 2nd quarter. California State Teachers Retirement System now owns 6,480 shares of the company’s stock valued at $248,000 after buying an additional 347 shares during 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.