Matrix Capital Management Company LP Sells 400,000 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Matrix Capital Management Company LP trimmed its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,514,952 shares of the company's stock after selling 400,000 shares during the period. GlobalFoundries makes up about 31.7% of Matrix Capital Management Company LP's investment portfolio, making the stock its 2nd biggest position. Matrix Capital Management Company LP owned approximately 2.99% of GlobalFoundries worth $664,727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of GFS. Marshall Wace LLP lifted its holdings in GlobalFoundries by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company's stock valued at $126,242,000 after buying an additional 1,299,687 shares during the period. FMR LLC lifted its holdings in GlobalFoundries by 2.4% in the third quarter. FMR LLC now owns 49,375,403 shares of the company's stock valued at $1,987,360,000 after buying an additional 1,160,403 shares during the period. Renaissance Technologies LLC lifted its holdings in GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company's stock valued at $17,901,000 after buying an additional 257,749 shares during the period. Ghisallo Capital Management LLC lifted its holdings in GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company's stock valued at $15,168,000 after buying an additional 200,000 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in GlobalFoundries by 2,162.6% in the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company's stock valued at $63,750,000 after buying an additional 151,384 shares during the period.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS traded down $0.25 during mid-day trading on Wednesday, reaching $44.38. 1,236,522 shares of the company were exchanged, compared to its average volume of 1,624,911. The company's 50-day simple moving average is $41.09 and its 200-day simple moving average is $45.55. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $24.49 billion, a P/E ratio of 33.31, a P/E/G ratio of 11.02 and a beta of 1.59. GlobalFoundries Inc. has a twelve month low of $35.85 and a twelve month high of $62.61.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The company had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the company posted $0.47 EPS. GlobalFoundries's quarterly revenue was down 6.1% compared to the same quarter last year. As a group, research analysts predict that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Evercore ISI cut their target price on shares of GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Robert W. Baird lowered their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. UBS Group assumed coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They set a "neutral" rating and a $47.00 price objective for the company. TD Cowen lowered their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Finally, Susquehanna lowered their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a "neutral" rating for the company in a research report on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $50.21.

GlobalFoundries 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.