GlobalFoundries (NASDAQ:GFS) Stock Price Up 7.4% on Analyst Upgrade

Shares of GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) shot up 7.4% during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $40.00 to $42.00. Morgan Stanley currently has an equal weight rating on the stock. GlobalFoundries traded as high as $41.98 and last traded at $43.08. 792,122 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 1,932,581 shares. The stock had previously closed at $40.10.

Several other research firms have also commented on GFS. Deutsche Bank Aktiengesellschaft reduced their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a "buy" 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 note on Wednesday, November 6th. Evercore ISI reduced their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. UBS Group started coverage on shares of GlobalFoundries in a report on Wednesday, November 20th. They issued a "neutral" rating and a $47.00 price objective on the stock. Finally, Citigroup lowered their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, November 5th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $49.64.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds have recently modified their holdings of GFS. Signaturefd LLC boosted its position in GlobalFoundries by 153.9% during the 4th quarter. Signaturefd LLC now owns 678 shares of the company's stock valued at $29,000 after purchasing an additional 411 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of GlobalFoundries during the 3rd quarter worth about $34,000. Blue Trust Inc. lifted its position in shares of GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company's stock worth $45,000 after purchasing an additional 745 shares during the last quarter. US Bancorp DE raised its holdings in GlobalFoundries by 77.0% in 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 in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of GlobalFoundries during the 4th quarter worth approximately $52,000.

GlobalFoundries Trading Up 0.8 %

The company has a 50-day simple moving average of $42.31 and a 200-day simple moving average of $42.22. The stock has a market cap of $23.81 billion, a P/E ratio of 32.21, a P/E/G ratio of 8.23 and a beta of 1.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. On average, sell-side analysts forecast that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

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.