Pictet Asset Management SA trimmed its position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) by 32.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,492 shares of the company’s stock after selling 21,566 shares during the quarter. Pictet Asset Management SA’s holdings in GLOBALFOUNDRIES were worth $1,795,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in GFS. IndexIQ Advisors LLC acquired a new position in shares of GLOBALFOUNDRIES in the first quarter valued at about $26,000. Prospera Financial Services Inc purchased a new position in GLOBALFOUNDRIES during the first quarter worth approximately $28,000. TFC Financial Management boosted its position in GLOBALFOUNDRIES by 133.3% during the first quarter. TFC Financial Management now owns 700 shares of the company’s stock worth $44,000 after purchasing an additional 400 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in GLOBALFOUNDRIES during the second quarter worth approximately $75,000. Finally, Penserra Capital Management LLC purchased a new position in GLOBALFOUNDRIES during the first quarter worth approximately $90,000. 14.96% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have issued reports on GFS. Credit Suisse Group reiterated an “outperform” rating and set a $78.00 price target on shares of GLOBALFOUNDRIES in a research report on Wednesday, November 16th. Needham & Company LLC increased their price target on GLOBALFOUNDRIES from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, November 9th. Bank of America increased their price target on GLOBALFOUNDRIES from $75.00 to $80.00 in a research report on Wednesday, November 9th. HSBC raised their target price on GLOBALFOUNDRIES to $55.00 in a research report on Tuesday, November 15th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on GLOBALFOUNDRIES from $60.00 to $67.00 in a research report on Wednesday, November 9th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.70.
GLOBALFOUNDRIES Stock Performance
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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