Cantor Fitzgerald Forecasts GlobalFoundries FY2024 Earnings

GlobalFoundries Inc. (NASDAQ:GFS) – Research analysts at Cantor Fitzgerald increased their FY2024 earnings estimates for shares of GlobalFoundries in a note issued to investors on Wednesday, November 6th. Cantor Fitzgerald analyst C. Muse now expects that the company will earn $1.25 per share for the year, up from their prior estimate of $1.09. Cantor Fitzgerald has a “Neutral” rating and a $40.00 price objective on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.09 per share.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. GlobalFoundries’s revenue was down 6.1% on a year-over-year basis.

Other analysts have also recently issued reports about the stock. Robert W. Baird lowered their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Susquehanna reduced their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $43.98 on Friday. The business’s fifty day moving average is $40.28 and its 200 day moving average is $46.51. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The firm has a market cap of $24.27 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 5.82 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

Institutional Investors Weigh In On GlobalFoundries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in GlobalFoundries during the 3rd quarter valued at approximately $34,000. US Bancorp DE raised its position in GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares in the last quarter. Massmutual Trust Co. FSB ADV purchased a new stake in shares of GlobalFoundries in the 2nd quarter worth $59,000. AM Squared Ltd bought a new position in shares of GlobalFoundries during the 3rd quarter worth $60,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after acquiring an additional 463 shares in the last quarter.

GlobalFoundries Company Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.