Raymond James & Associates Sells 19,361 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Raymond James & Associates reduced its position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) by 25.6% during the third quarter, Holdings Channel reports. The institutional investor owned 56,291 shares of the company’s stock after selling 19,361 shares during the quarter. Raymond James & Associates’ holdings in GLOBALFOUNDRIES were worth $2,722,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wahed Invest LLC acquired a new stake in GLOBALFOUNDRIES in the 2nd quarter worth approximately $27,000. Royal London Asset Management Ltd. acquired a new stake in GLOBALFOUNDRIES in the 2nd quarter worth approximately $31,000. Penserra Capital Management LLC acquired a new stake in GLOBALFOUNDRIES in the 1st quarter worth approximately $90,000. DekaBank Deutsche Girozentrale acquired a new stake in GLOBALFOUNDRIES in the 2nd quarter worth approximately $75,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in GLOBALFOUNDRIES in the 2nd quarter worth approximately $71,000. 16.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GFS has been the subject of a number of recent analyst reports. Needham & Company LLC lifted their target price on shares of GLOBALFOUNDRIES from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, November 9th. Susquehanna lifted their price objective on shares of GLOBALFOUNDRIES from $75.00 to $80.00 in a research note on Wednesday, November 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of GLOBALFOUNDRIES from $67.00 to $70.00 in a research note on Wednesday, December 14th. Bank of America lifted their price objective on shares of GLOBALFOUNDRIES from $75.00 to $80.00 in a research note on Wednesday, November 9th. Finally, Credit Suisse Group restated an “outperform” rating and set a $78.00 price objective on shares of GLOBALFOUNDRIES in a research note on Wednesday, November 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $73.15.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $56.45 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.45 and a quick ratio of 1.10. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 37.63, a price-to-earnings-growth ratio of 0.62 and a beta of 2.19. The company has a 50 day moving average price of $60.00 and a 200-day moving average price of $56.39. GLOBALFOUNDRIES Inc. has a 1-year low of $36.81 and a 1-year high of $79.49.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) last posted its earnings results on Tuesday, November 8th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.07. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.05 billion. GLOBALFOUNDRIES had a net margin of 10.48% and a return on equity of 9.65%. Equities research analysts forecast that GLOBALFOUNDRIES Inc. will post 2.69 EPS for the current year.

GLOBALFOUNDRIES Profile

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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.