GlobalFoundries (NASDAQ:GFS) Raised to "Buy" at Needham & Company LLC

GlobalFoundries (NASDAQ:GFS - Get Free Report) was upgraded by stock analysts at Needham & Company LLC from a "hold" rating to a "buy" rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has a $50.00 price objective on the stock. Needham & Company LLC's price objective would suggest a potential upside of 15.85% from the company's current price.

GFS has been the subject of several other research reports. Robert W. Baird reduced 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, November 6th. Wedbush reiterated an "outperform" rating and issued a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. UBS Group initiated coverage on shares of GlobalFoundries in a research note on Wednesday, November 20th. They set a "neutral" rating and a $47.00 price target for the company. Susquehanna cut their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a "neutral" rating for the company in a research note on Wednesday, November 6th. Finally, Morgan Stanley cut shares of GlobalFoundries from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.64.

GlobalFoundries Stock Up 0.8 %

Shares of NASDAQ GFS traded up $0.34 during mid-day trading on Wednesday, reaching $43.16. The company had a trading volume of 2,212,626 shares, compared to its average volume of 1,647,492. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $61.98. 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 stock has a market capitalization of $23.81 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56. The stock's 50 day moving average is $42.31 and its 200-day moving average is $42.27.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported $0.38 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%. As a group, equities analysts anticipate that GlobalFoundries will post 1.22 earnings per share for the current fiscal year.

Institutional Trading of GlobalFoundries

A number of institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in GlobalFoundries by 7.5% during the 4th quarter. FMR LLC now owns 53,096,556 shares of the company's stock worth $2,278,373,000 after acquiring an additional 3,721,153 shares during the period. First Trust Advisors LP grew its holdings in GlobalFoundries by 1.3% during the 4th quarter. First Trust Advisors LP now owns 3,118,293 shares of the company's stock worth $133,806,000 after acquiring an additional 40,527 shares during the period. Invesco Ltd. grew its holdings in GlobalFoundries by 10.5% during the 4th quarter. Invesco Ltd. now owns 2,331,811 shares of the company's stock worth $100,058,000 after acquiring an additional 221,731 shares during the period. State Street Corp boosted its position in shares of GlobalFoundries by 8.3% during the third quarter. State Street Corp now owns 1,275,554 shares of the company's stock worth $51,341,000 after purchasing an additional 98,084 shares in the last quarter. Finally, Analog Century Management LP bought a new position in shares of GlobalFoundries during the fourth quarter worth $50,298,000.

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.