Samak Azar, Chief Legal Officer of GlobalFoundries Inc. (NASDAQ: GFS), sold 335 ordinary shares on August 20, 2026, for a total of $16,207 at $48.38 per share under a previously adopted Rule 10b5-1 trading plan. The transaction reduced Azar’s direct ownership in the company to 10,804 shares.
The disposal occurred as GlobalFoundries’ stock price declined to $46.05 on August 24, down more than 10% over the prior week. InvestingPro data placed the company’s fair value at $49.22, with a P/E ratio of 37.53 and a market capitalization of $26.37 billion.
GlobalFoundries reported adjusted earnings of $0.46 per share for the second quarter, exceeding analyst expectations of $0.43 per share. Revenue reached $1.79 billion, also surpassing the $1.76 billion forecast. Gross margin improved to 29.9%, with management targeting around 30% for the full year 2026. Revenue in the communications infrastructure and data center segment surged 62% year-over-year, and the company raised its full-year growth outlook to a range of 50% to 60%.
UBS adjusted its price target for GlobalFoundries to $55 from $61 on September quarter revenue guidance that fell slightly below its estimates, while maintaining a Neutral rating. The company also revised its mobile segment outlook, anticipating a steeper decline in the fourth quarter. GlobalFoundries is exploring expansion into quantum computing and silicon photonics as part of its long-term strategy.
