Cantor Fitzgerald Reiterates Neutral Rating for GlobalFoundries (NASDAQ:GFS)

GlobalFoundries (NASDAQ:GFS - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at Cantor Fitzgerald in a note issued to investors on Wednesday, Benzinga reports. They presently have a $40.00 price objective on the stock. Cantor Fitzgerald's price objective indicates a potential downside of 14.51% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. Wedbush reissued an "outperform" rating and issued a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Morgan Stanley lowered GlobalFoundries from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Evercore ISI dropped their target price on GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reissued a "hold" rating on shares of GlobalFoundries in a report on Wednesday. Finally, Robert W. Baird cut their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating on the stock in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $50.46.

GlobalFoundries Stock Performance

NASDAQ:GFS traded up $5.42 during trading hours on Wednesday, reaching $46.79. 6,625,654 shares of the stock were exchanged, compared to its average volume of 1,608,236. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $25.82 billion, a P/E ratio of 31.33, a P/E/G ratio of 5.92 and a beta of 1.53. GlobalFoundries has a 52 week low of $35.85 and a 52 week high of $62.61. The firm has a 50 day simple moving average of $40.33 and a 200-day simple moving average of $46.53.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in GlobalFoundries by 17.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company's stock worth $4,334,000 after buying an additional 12,487 shares in the last quarter. Norden Group LLC purchased a new stake in shares of GlobalFoundries in the 1st quarter valued at approximately $400,000. Duality Advisers LP acquired a new position in GlobalFoundries in the 1st quarter worth approximately $1,401,000. Quantbot Technologies LP acquired a new stake in GlobalFoundries during the 1st quarter valued at $6,347,000. Finally, SG Americas Securities LLC lifted its holdings in shares of GlobalFoundries by 12.9% in the first quarter. SG Americas Securities LLC now owns 205,841 shares of the company's stock valued at $10,726,000 after purchasing an additional 23,442 shares in the last quarter.

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.