GLOBALFOUNDRIES (NASDAQ:GFS) Updates Q2 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.24-$0.34 for the period, compared to the consensus EPS estimate of $0.29. The company issued revenue guidance of $1.590-$1.640 billion, compared to the consensus revenue estimate of $1.58 billion.

GLOBALFOUNDRIES Trading Down 1.2 %

GLOBALFOUNDRIES stock traded down $0.61 during trading on Thursday, hitting $51.75. The company’s stock had a trading volume of 465,045 shares, compared to its average volume of 1,547,558. The stock has a market capitalization of $28.65 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 4.16 and a beta of 1.61. The stock’s fifty day moving average is $50.75 and its 200 day moving average is $53.85. GLOBALFOUNDRIES has a 1-year low of $45.52 and a 1-year high of $68.57. 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 announced its quarterly 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 company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The firm’s revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.37 earnings per share. As a group, equities research analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current year.

Analyst Upgrades and Downgrades

GFS has been the subject of a number of analyst reports. Morgan Stanley increased their price target on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an overweight rating in a report on Wednesday. JPMorgan Chase & Co. reduced 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. Susquehanna increased their target price on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a report on Wednesday. Bank of America reduced their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a report on Tuesday, April 16th. Finally, Robert W. Baird cut their price target on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of Moderate Buy and an average price target of $61.23.

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.