GlobalFoundries (NASDAQ:GFS) Earns "Hold" Rating from Needham & Company LLC

GlobalFoundries (NASDAQ:GFS - Get Free Report)'s stock had its "hold" rating reiterated by Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports.

Other equities research analysts also recently issued reports about the company. TD Cowen cut their price target on GlobalFoundries from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price on GlobalFoundries from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday. Evercore ISI dropped their price objective on shares of GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird decreased their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating for the company in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $50.46.

GlobalFoundries Stock Performance

GlobalFoundries stock traded up $5.42 during trading hours on Wednesday, hitting $46.79. 6,625,654 shares of the stock traded hands, compared to its average volume of 1,608,236. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The stock has a market capitalization of $25.82 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 5.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The firm's 50 day moving average price is $40.35 and its 200-day moving average price is $46.54.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. GlobalFoundries's revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities analysts expect that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

A number of large investors have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries during the third quarter worth approximately $34,000. Massmutual Trust Co. FSB ADV purchased a new position in shares of GlobalFoundries during the 2nd quarter worth $59,000. US Bancorp DE boosted its position in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company's stock valued at $49,000 after acquiring an additional 530 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of GlobalFoundries in the second quarter valued at about $65,000. Finally, CWM LLC increased its position in GlobalFoundries by 38.6% during the second quarter. CWM LLC now owns 1,339 shares of the company's stock worth $68,000 after purchasing an additional 373 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.