HSBC Cuts GLOBALFOUNDRIES (NASDAQ:GFS) Price Target to $43.00

GLOBALFOUNDRIES (NASDAQ:GFS) had its price objective reduced by HSBC from $56.00 to $43.00 in a report issued on Friday morning, Benzinga reports. HSBC currently has a hold rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Evercore ISI assumed coverage on shares of GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an outperform rating and a $71.00 target price on the stock. Bank of America cut their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a report on Tuesday, April 16th. Susquehanna reissued a neutral rating and set a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. dropped their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, GLOBALFOUNDRIES currently has an average rating of Moderate Buy and an average target price of $61.46.

GLOBALFOUNDRIES Stock Up 0.9 %

NASDAQ:GFS opened at $49.73 on Friday. The company has a market capitalization of $27.53 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61. GLOBALFOUNDRIES has a one year low of $45.52 and a one year high of $68.57. The stock has a 50-day simple moving average of $50.76 and a 200 day simple moving average of $53.87. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.56 and a current ratio of 2.04.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $1.37 earnings per share. Sell-side analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after acquiring an additional 187 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of GLOBALFOUNDRIES by 442.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after purchasing an additional 730 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of GLOBALFOUNDRIES in the 3rd quarter valued at $58,000. Blue Trust Inc. lifted its stake in shares of GLOBALFOUNDRIES by 31.6% in the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock valued at $88,000 after purchasing an additional 363 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of GLOBALFOUNDRIES by 230.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock valued at $119,000 after purchasing an additional 1,423 shares during the last quarter.

GLOBALFOUNDRIES Company Profile

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.