GLOBALFOUNDRIES (NASDAQ:GFS) Shares Gap Up Following Analyst Upgrade

GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) shares gapped up prior to trading on Tuesday after Cowen raised their price target on the stock from $75.00 to $80.00. The stock had previously closed at $66.15, but opened at $68.00. Cowen currently has an outperform rating on the stock. GLOBALFOUNDRIES shares last traded at $70.92, with a volume of 1,204,902 shares trading hands.

Several other analysts also recently commented on the company. Credit Suisse Group raised their target price on GLOBALFOUNDRIES from $78.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on GLOBALFOUNDRIES from $70.00 to $75.00 in a research note on Tuesday. Raymond James raised their target price on GLOBALFOUNDRIES from $70.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday. Susquehanna lifted their price target on GLOBALFOUNDRIES from $76.00 to $84.00 and gave the company a “positive” rating in a research note on Wednesday. Finally, Citigroup lifted their price target on GLOBALFOUNDRIES from $67.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.86.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its position in shares of GLOBALFOUNDRIES by 1.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 13,256 shares of the company’s stock worth $641,000 after buying an additional 191 shares in the last quarter. CWM LLC raised its holdings in shares of GLOBALFOUNDRIES by 35.1% in the 3rd quarter. CWM LLC now owns 747 shares of the company’s stock worth $36,000 after purchasing an additional 194 shares during the period. Ibex Wealth Advisors raised its holdings in shares of GLOBALFOUNDRIES by 0.4% in the 4th quarter. Ibex Wealth Advisors now owns 47,113 shares of the company’s stock worth $2,539,000 after purchasing an additional 205 shares during the period. Balentine LLC raised its holdings in shares of GLOBALFOUNDRIES by 5.2% in the 4th quarter. Balentine LLC now owns 4,601 shares of the company’s stock worth $248,000 after purchasing an additional 227 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of GLOBALFOUNDRIES by 3.5% in the 3rd quarter. ProShare Advisors LLC now owns 6,705 shares of the company’s stock worth $325,000 after purchasing an additional 228 shares during the period. Institutional investors own 16.08% of the company’s stock.

GLOBALFOUNDRIES Price Performance

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The company has a current ratio of 1.45, a quick ratio of 1.10 and a debt-to-equity ratio of 0.22. The company has a market cap of $37.19 billion, a P/E ratio of 46.61, a PEG ratio of 0.75 and a beta of 2.09. The business’s fifty day moving average is $59.22 and its 200 day moving average is $58.53.

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.