GlobalFoundries (NASDAQ:GFS) Given New $110.00 Price Target at Susquehanna

GlobalFoundries (NASDAQ:GFS) had its target price dropped by investment analysts at Susquehanna from $125.00 to $110.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna‘s price target suggests a potential upside of 172.68% from the stock’s current price.

GFS has been the topic of a number of other reports. BNP Paribas Exane downgraded shares of GlobalFoundries from an “outperform” rating to a “neutral” rating and set a $51.00 price objective on the stock. in a research report on Monday, October 5th. Deutsche Bank Aktiengesellschaft set a $75.00 price objective on GlobalFoundries in a research report on Monday, August 10th. Morgan Stanley lowered their target price on GlobalFoundries from $60.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Monday. Robert W. Baird set a $140.00 price objective on shares of GlobalFoundries in a research report on Thursday, August 6th. Finally, Needham & Company LLC reduced their price objective on shares of GlobalFoundries from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Eight equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.95.

GlobalFoundries Stock Down 5.9%

NASDAQ:GFS opened at $40.34 on Thursday. The business’s fifty day moving average price is $46.18 and its 200 day moving average price is $54.93. The firm has a market capitalization of $22.13 billion, a price-to-earnings ratio of 30.20, a PEG ratio of 1.36 and a beta of 1.78. The company has a current ratio of 2.48, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13. GlobalFoundries has a 1-year low of $32.02 and a 1-year high of $92.55.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Wednesday, November 4th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. GlobalFoundries had a return on equity of 6.69% and a net margin of 10.36%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 EPS. On average, sell-side analysts forecast that GlobalFoundries will post 1.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GlobalFoundries news, insider Pradheepa Raman sold 2,145 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $48.83, for a total transaction of $104,740.35. Following the completion of the sale, the insider owned 2,145 shares of the company’s stock, valued at $104,740.35. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 12,590 shares of company stock valued at $620,877.

Institutional Trading of GlobalFoundries

A number of institutional investors and hedge funds have recently modified their holdings of the company. AlphaCore Capital LLC bought a new stake in shares of GlobalFoundries during the 3rd quarter worth $1,497,000. Leuthold Group LLC increased its position in GlobalFoundries by 63.9% in the 3rd quarter. Leuthold Group LLC now owns 13,286 shares of the company’s stock worth $637,000 after buying an additional 5,181 shares during the period. Argonautica Private Wealth Management Inc. lifted its holdings in shares of GlobalFoundries by 15.6% during the third quarter. Argonautica Private Wealth Management Inc. now owns 12,350 shares of the company’s stock worth $592,000 after buying an additional 1,671 shares during the last quarter. Kestra Advisory Services LLC boosted its position in shares of GlobalFoundries by 104.3% in the third quarter. Kestra Advisory Services LLC now owns 7,105 shares of the company’s stock valued at $340,000 after acquiring an additional 3,628 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in shares of GlobalFoundries by 4.7% in the third quarter. Commonwealth Equity Services LLC now owns 5,751 shares of the company’s stock worth $276,000 after acquiring an additional 258 shares during the last quarter.

Key Headlines Impacting GlobalFoundries

Here are the key news stories impacting GlobalFoundries this week:

• Positive Sentiment: Q3 EPS was $0.53 versus the $0.51 consensus, while revenue of $1.90 billion narrowly topped estimates of $1.89 billion and rose 12.5% year over year. One report also highlighted a record quarterly margin. GlobalFoundries Q3 earnings and revenues beat estimates
• Negative Sentiment: Needham cut its price target from $80 to $55, a substantial reduction that could temper investor enthusiasm, although it maintained a Buy rating. Needham analyst recommendations

GlobalFoundries Company Profile

GlobalFoundries Inc (NASDAQ:GFS) is a semiconductor manufacturer that operates as a contract foundry, producing chips designed by other companies. The company provides wafer fabrication and related services for customers in the automotive, communications infrastructure, aerospace and defense, industrial, and consumer electronics markets.

GlobalFoundries specializes in differentiated semiconductor technologies rather than competing primarily in the most advanced logic-processing nodes. Its offerings include radio-frequency and silicon-on-insulator technologies, embedded memory, power-management solutions, high-voltage processes, silicon photonics, and other specialty platforms used in connectivity, sensing, automotive electronics, and edge-computing applications.

The company was established in 2009 through the separation of Advanced Micro Devices’ manufacturing operations, with investment from the Abu Dhabi-based Advanced Technology Investment Company.