GlobalFoundries (NASDAQ:GFS) Upgraded by Needham & Company LLC to Buy Rating

GlobalFoundries (NASDAQ:GFS) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a $50.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 24.69% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Susquehanna dropped 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. Citigroup dropped their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Evercore ISI dropped their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Finally, Robert W. Baird dropped their price target 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. Eight 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 data from MarketBeat.com, GlobalFoundries has an average rating of “Hold” and an average price target of $50.20.

GlobalFoundries Stock Performance

GlobalFoundries stock opened at $40.10 on Wednesday. The company’s 50-day moving average price is $42.48 and its 200-day moving average price is $42.40. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $61.98. 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 company has a market cap of $22.13 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 8.23 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. On average, equities research analysts forecast that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds have recently modified their holdings of GFS. Signaturefd LLC raised its stake in shares of GlobalFoundries by 153.9% during the 4th quarter. Signaturefd LLC now owns 678 shares of the company’s stock worth $29,000 after acquiring an additional 411 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $34,000. Blue Trust Inc. raised its stake in shares of GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock worth $45,000 after acquiring an additional 745 shares in the last quarter. US Bancorp DE raised its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of GlobalFoundries during the 4th quarter worth approximately $52,000.

About GlobalFoundries

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.