Robert W. Baird Lowers GlobalFoundries (NASDAQ:GFS) Price Target to $50.00

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its target price dropped by equities research analysts at Robert W. Baird from $63.00 to $50.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 6.86% from the stock's previous close.

GFS has been the subject of a number of other research reports. Citigroup lowered their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday. Evercore ISI lowered their price objective on GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald cut their target price on GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. Morgan Stanley downgraded GlobalFoundries from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $50.46.

GlobalFoundries Price Performance

GlobalFoundries stock traded up $5.42 during midday trading on Wednesday, reaching $46.79. 6,625,654 shares of the stock traded hands, compared to its average volume of 1,608,236. The stock has a market cap of $25.82 billion, a P/E ratio of 31.83, a PEG ratio of 5.92 and a beta of 1.53. The stock's fifty day moving average is $40.35 and its 200-day moving average is $46.54. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 12 month low of $35.85 and a 12 month high of $62.61.

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

Institutional Investors Weigh In On GlobalFoundries

A number of institutional investors have recently added to or reduced their stakes in GFS. DekaBank Deutsche Girozentrale lifted its position in shares of GlobalFoundries by 4.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company's stock valued at $357,000 after buying an additional 340 shares during the last quarter. CWM LLC lifted its position in GlobalFoundries by 38.6% during the second quarter. CWM LLC now owns 1,339 shares of the company's stock valued at $68,000 after acquiring an additional 373 shares during the last quarter. Pacer Advisors Inc. boosted its stake in GlobalFoundries by 1.7% in the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company's stock valued at $1,333,000 after acquiring an additional 444 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in GlobalFoundries by 1.3% in the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company's stock worth $1,758,000 after purchasing an additional 450 shares during the last quarter. Finally, Profund Advisors LLC increased its position in shares of GlobalFoundries by 1.1% during the second quarter. Profund Advisors LLC now owns 45,626 shares of the company's stock worth $2,307,000 after purchasing an additional 515 shares in the last quarter.

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.