Brokerages Anticipate GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Will Post Quarterly Sales of $1.97 Billion

Wall Street brokerages predict that GLOBALFOUNDRIES Inc. (NASDAQ:GFSGet Rating) will announce $1.97 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for GLOBALFOUNDRIES’s earnings, with the lowest sales estimate coming in at $1.96 billion and the highest estimate coming in at $1.99 billion. The company is expected to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that GLOBALFOUNDRIES will report full year sales of $7.96 billion for the current fiscal year, with estimates ranging from $7.92 billion to $7.99 billion. For the next financial year, analysts forecast that the business will report sales of $8.61 billion, with estimates ranging from $8.29 billion to $8.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for GLOBALFOUNDRIES.

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.24 by $0.18. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.90 billion. The firm’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.25) earnings per share.

GFS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of GLOBALFOUNDRIES from $78.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, April 20th. Morgan Stanley raised shares of GLOBALFOUNDRIES from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $72.50 in a research note on Thursday, March 3rd. JPMorgan Chase & Co. lowered their target price on shares of GLOBALFOUNDRIES from $82.00 to $77.00 in a research note on Wednesday, May 11th. Finally, Zacks Investment Research upgraded GLOBALFOUNDRIES from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a report on Friday, May 13th. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $78.81.

Shares of GFS opened at $59.49 on Friday. GLOBALFOUNDRIES has a 12-month low of $43.59 and a 12-month high of $79.49. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.67 and a quick ratio of 1.32. The firm has a fifty day moving average price of $57.92 and a 200-day moving average price of $58.93.

Hedge funds have recently modified their holdings of the company. Capital Research Global Investors boosted its position in GLOBALFOUNDRIES by 1,042.5% in the first quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after buying an additional 1,201,093 shares during the last quarter. SkyView Investment Advisors LLC purchased a new stake in GLOBALFOUNDRIES in the first quarter valued at approximately $125,000. Point72 Hong Kong Ltd purchased a new stake in GLOBALFOUNDRIES in the first quarter valued at approximately $788,000. Quantbot Technologies LP purchased a new stake in GLOBALFOUNDRIES in the first quarter valued at approximately $3,077,000. Finally, Steadfast Capital Management LP purchased a new stake in GLOBALFOUNDRIES in the first quarter valued at approximately $37,156,000. Institutional investors and hedge funds own 12.09% of the company’s stock.

About GLOBALFOUNDRIES (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

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