GlobalFoundries (NASDAQ:GFS) Price Target Lowered to $35.00 at Citigroup

GlobalFoundries (NASDAQ:GFS) had its price objective lowered by Citigroup from $37.00 to $35.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

GFS has been the topic of a number of other reports. Bank of America downgraded shares of GlobalFoundries from a “neutral” rating to an “underperform” rating and set a $35.00 price objective on the stock. in a research note on Monday, October 13th. BNP Paribas Exane initiated coverage on shares of GlobalFoundries in a report on Friday, October 24th. They set an “outperform” rating and a $45.00 price target for the company. Arete raised shares of GlobalFoundries from a “sell” rating to a “neutral” rating and set a $37.00 price objective on the stock in a research note on Wednesday, August 27th. UBS Group lowered their price objective on shares of GlobalFoundries from $43.00 to $37.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. reduced their target price on GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.21.

GlobalFoundries Price Performance

Shares of NASDAQ GFS opened at $32.72 on Thursday. The business has a fifty day moving average price of $34.30 and a two-hundred day moving average price of $36.06. The stock has a market capitalization of $18.09 billion, a PE ratio of -363.52, a P/E/G ratio of 1.33 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. GlobalFoundries has a fifty-two week low of $29.77 and a fifty-two week high of $47.69.

Institutional Trading of GlobalFoundries

A number of hedge funds and other institutional investors have recently modified their holdings of GFS. Profund Advisors LLC grew its holdings in shares of GlobalFoundries by 0.7% during the third quarter. Profund Advisors LLC now owns 45,349 shares of the company’s stock valued at $1,625,000 after buying an additional 299 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in GlobalFoundries by 26.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company’s stock valued at $57,000 after acquiring an additional 320 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in GlobalFoundries by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,744 shares of the company’s stock worth $372,000 after purchasing an additional 324 shares in the last quarter. Voya Investment Management LLC increased its holdings in GlobalFoundries by 2.9% during the 1st quarter. Voya Investment Management LLC now owns 12,288 shares of the company’s stock worth $454,000 after purchasing an additional 346 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of GlobalFoundries by 5.7% in the second quarter. California State Teachers Retirement System now owns 6,480 shares of the company’s stock worth $248,000 after purchasing 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.