Globalfoundries chief legal officer Samak L Azar sells $16,177 in stock

Chief Legal Officer at GlobalFoundries, Samak L Azar, sold 335 of the company's ordinary shares on August 6, 2026. The shares were sold for $48.29 each, amounting to a total of $16,177. The transaction was carried out under a previously established Rule 10b5-1 trading plan. As of the sale, GlobalFoundries' stock was trading at $54.58, marking a 13% increase since Azar's purchase, with a 65% gain over the past year.

After this sale, Azar still owns 11,474 shares in the company. According to analysis by InvestingPro, the stock appears to be overvalued compared to its estimated Fair Value. For those interested in a more detailed analysis, the Pro Research Report and additional ProTips for GlobalFoundries are available on the platform. Meanwhile, GlobalFoundries reported second-quarter earnings that surpassed market expectations.

The company reported adjusted earnings of $0.46 per share on revenue of $1.79 billion, exceeding expectations of $0.43 per share and $1.76 billion in revenue. This performance was driven by strong demand in the communications infrastructure and data center markets, leading the company to revise its full-year outlook for these sectors upward.

Gross margins expanded to 29.9%, with projections to reach around 30% for the full year 2026. Additionally, UBS reduced its price target for GlobalFoundries to $55 from $61, keeping its rating Neutral. This change was based on GlobalFoundries' revenue guidance for the September quarter, which was about 2% lower than UBS's estimates.

Furthermore, the company revised its full-year mobile outlook from a high-single-digit decline to a low-double-digit decline. These updates underscore GlobalFoundries' strategic emphasis on emerging growth sectors such as quantum computing and silicon photonics.