Wells Fargo & Company MN Sells 81,373 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Wells Fargo & Company MN reduced its position in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 57.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,772 shares of the company's stock after selling 81,373 shares during the period. Wells Fargo & Company MN's holdings in GlobalFoundries were worth $2,565,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GFS. Geode Capital Management LLC grew its holdings in shares of GlobalFoundries by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 912,986 shares of the company's stock worth $39,176,000 after purchasing an additional 16,921 shares in the last quarter. X Square Capital LLC increased its position in GlobalFoundries by 2.0% in the 4th quarter. X Square Capital LLC now owns 24,813 shares of the company's stock valued at $1,065,000 after acquiring an additional 484 shares in the last quarter. Norges Bank bought a new position in GlobalFoundries in the 4th quarter worth approximately $4,672,000. NEOS Investment Management LLC lifted its stake in shares of GlobalFoundries by 20.4% during the fourth quarter. NEOS Investment Management LLC now owns 38,950 shares of the company's stock valued at $1,671,000 after acquiring an additional 6,587 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of GlobalFoundries by 2.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,287 shares of the company's stock valued at $1,653,000 after purchasing an additional 950 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley raised their target price on GlobalFoundries from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. Citigroup decreased their price objective on GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Wedbush reissued an "outperform" rating and set a $60.00 price target on shares of GlobalFoundries in a research report on Wednesday, February 12th. UBS Group dropped their price objective on GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, GlobalFoundries currently has an average rating of "Moderate Buy" and a consensus target price of $48.23.

GlobalFoundries Stock Performance

Shares of GFS traded down $0.38 during mid-day trading on Tuesday, hitting $34.86. 536,839 shares of the company's stock were exchanged, compared to its average volume of 1,853,845. The company has a quick ratio of 1.57, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. GlobalFoundries Inc. has a 52 week low of $29.77 and a 52 week high of $61.98. The stock's 50-day simple moving average is $36.47 and its 200-day simple moving average is $40.16. The firm has a market cap of $19.27 billion, a price-to-earnings ratio of -72.65, a price-to-earnings-growth ratio of 1.42 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last posted 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 positive return on equity of 6.05% and a negative net margin of 3.93%. On average, equities research analysts expect that GlobalFoundries Inc. will post 1.31 EPS for the current year.

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.