Morgan Stanley Issues Positive Forecast for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price target boosted by analysts at Morgan Stanley from $40.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential downside of 2.69% from the stock's previous close.

Several other analysts have also issued reports on GFS. Robert W. Baird reduced their target price on GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Cantor Fitzgerald restated a "neutral" rating and set a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday, November 6th. UBS Group began coverage on GlobalFoundries in a research report on Wednesday, November 20th. They set a "neutral" rating and a $47.00 price objective for the company. Evercore ISI dropped their price objective on GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Finally, Needham & Company LLC upgraded GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $49.64.

GlobalFoundries Stock Up 0.8 %

GlobalFoundries stock traded up $0.34 during midday trading on Wednesday, reaching $43.16. The stock had a trading volume of 2,212,626 shares, compared to its average volume of 1,647,492. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The firm's fifty day simple moving average is $42.31 and its 200-day simple moving average is $42.27. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $61.98. The stock has a market capitalization of $23.81 billion, a P/E ratio of 32.21, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.07). GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. As a group, analysts expect that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in GlobalFoundries by 2.5% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 28,351 shares of the company's stock worth $1,218,000 after purchasing an additional 683 shares during the period. Analog Century Management LP acquired a new stake in GlobalFoundries during the fourth quarter worth approximately $50,298,000. Adage Capital Partners GP L.L.C. acquired a new stake in GlobalFoundries during the fourth quarter worth approximately $16,091,000. Price T Rowe Associates Inc. MD grew its stake in GlobalFoundries by 17.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,187 shares of the company's stock worth $1,339,000 after purchasing an additional 4,624 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in GlobalFoundries by 121.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 22,155 shares of the company's stock worth $951,000 after purchasing an additional 12,142 shares during the period.

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.