Cantor Fitzgerald Reiterates Neutral Rating for GLOBALFOUNDRIES (NASDAQ:GFS)

GLOBALFOUNDRIES (NASDAQ:GFS)‘s stock had its “neutral” rating reaffirmed by stock analysts at Cantor Fitzgerald in a research report issued on Monday, StockNewsAPI reports. They presently have a $55.00 target price on the stock, down from their prior target price of $70.00. Cantor Fitzgerald’s price target would suggest a potential upside of 8.80% from the stock’s previous close.

A number of other brokerages also recently weighed in on GFS. Susquehanna reaffirmed a “neutral” rating and set a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. Bank of America lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $70.00 to $65.00 in a research note on Friday, December 15th. Citigroup lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their target price for the company from $70.00 to $56.00 in a research note on Wednesday, February 14th. Robert W. Baird cut their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, JPMorgan Chase & Co. reduced their price target on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, GLOBALFOUNDRIES has a consensus rating of “Moderate Buy” and an average price target of $63.25.

GLOBALFOUNDRIES Stock Performance

Shares of GFS opened at $50.55 on Monday. The company’s 50 day simple moving average is $53.28 and its 200-day simple moving average is $55.14. GLOBALFOUNDRIES has a 12-month low of $48.12 and a 12-month high of $69.00. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. The firm has a market cap of $27.69 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 4.27 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. GLOBALFOUNDRIES’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 EPS. As a group, equities analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC increased its holdings in GLOBALFOUNDRIES by 63,726.7% during the third quarter. Penserra Capital Management LLC now owns 19,148 shares of the company’s stock worth $1,113,000 after buying an additional 19,118 shares during the last quarter. FMR LLC increased its stake in shares of GLOBALFOUNDRIES by 18.7% during the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after purchasing an additional 5,544,907 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of GLOBALFOUNDRIES by 43.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 120,456 shares of the company’s stock valued at $7,009,000 after purchasing an additional 36,595 shares during the period. Profund Advisors LLC lifted its stake in GLOBALFOUNDRIES by 40.9% in the 3rd quarter. Profund Advisors LLC now owns 38,340 shares of the company’s stock valued at $2,231,000 after purchasing an additional 11,124 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in GLOBALFOUNDRIES by 36.1% during the third quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after purchasing an additional 838,355 shares during the period.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.