Envestnet Asset Management Inc. Purchases 10,238 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Envestnet Asset Management Inc. increased its position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) by 69.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 24,881 shares of the company’s stock after acquiring an additional 10,238 shares during the quarter. Envestnet Asset Management Inc.’s holdings in GLOBALFOUNDRIES were worth $1,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GFS. Godsey & Gibb Inc. purchased a new position in shares of GLOBALFOUNDRIES during the 4th quarter valued at about $27,000. Private Trust Co. NA purchased a new stake in GLOBALFOUNDRIES in the 4th quarter worth $29,000. IFP Advisors Inc raised its holdings in GLOBALFOUNDRIES by 363.5% during the third quarter. IFP Advisors Inc now owns 635 shares of the company’s stock valued at $31,000 after acquiring an additional 498 shares during the period. SOA Wealth Advisors LLC. purchased a new position in shares of GLOBALFOUNDRIES in the fourth quarter worth $46,000. Finally, CWM LLC boosted its holdings in shares of GLOBALFOUNDRIES by 37.2% during the 4th quarter. CWM LLC now owns 1,025 shares of the company’s stock valued at $55,000 after purchasing an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 16.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GFS shares. HSBC lifted their price objective on shares of GLOBALFOUNDRIES from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, February 15th. Raymond James lifted their price objective on GLOBALFOUNDRIES from $70.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, February 15th. Cowen lifted their price target on GLOBALFOUNDRIES from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, February 15th. TD Cowen decreased their price target on GLOBALFOUNDRIES from $80.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 10th. Finally, Susquehanna increased their price objective on GLOBALFOUNDRIES from $76.00 to $84.00 and gave the company a “positive” rating in a report on Wednesday, February 15th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.87.

GLOBALFOUNDRIES Price Performance

GLOBALFOUNDRIES stock opened at $57.52 on Wednesday. The company’s 50 day moving average is $62.81 and its two-hundred day moving average is $62.12. GLOBALFOUNDRIES Inc. has a 52-week low of $36.81 and a 52-week high of $72.50. The company has a quick ratio of 1.45, a current ratio of 1.94 and a debt-to-equity ratio of 0.22. The firm has a market cap of $31.51 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 9.60 and a beta of 1.96.

About GLOBALFOUNDRIES

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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.