Skyworks Solutions (SWKS) Price Target Cut to $90.00

Skyworks Solutions (NASDAQ:SWKS) had its target price cut by Canaccord Genuity from $99.00 to $90.00 in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Canaccord Genuity’s price target would indicate a potential upside of 29.57% from the company’s current price.

A number of other research firms also recently weighed in on SWKS. B. Riley upgraded Skyworks Solutions from a “neutral” rating to a “buy” rating and upped their target price for the company from $80.00 to $90.00 in a research report on Monday, January 28th. ValuEngine upgraded Skyworks Solutions from a “sell” rating to a “hold” rating in a research report on Thursday, February 7th. BidaskClub downgraded Skyworks Solutions from a “hold” rating to a “sell” rating in a research report on Tuesday. Macquarie downgraded Skyworks Solutions from an “outperform” rating to a “neutral” rating and set a $92.80 price objective for the company. in a research report on Wednesday, April 17th. Finally, Citigroup upped their price objective on Skyworks Solutions from $81.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, May 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Skyworks Solutions presently has an average rating of “Hold” and a consensus target price of $89.99.

Shares of NASDAQ:SWKS traded up $1.45 during trading on Tuesday, reaching $69.46. 44,483 shares of the company traded hands, compared to its average volume of 2,061,728. The company has a market cap of $11.94 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 1.01 and a beta of 0.70. Skyworks Solutions has a 52 week low of $60.12 and a 52 week high of $104.20.

Skyworks Solutions (NASDAQ:SWKS) last released its earnings results on Thursday, May 2nd. The semiconductor manufacturer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.04. The firm had revenue of $810.40 million during the quarter, compared to the consensus estimate of $809.52 million. Skyworks Solutions had a return on equity of 28.25% and a net margin of 29.06%. The company’s revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.64 EPS. On average, analysts expect that Skyworks Solutions will post 6.11 EPS for the current fiscal year.

Skyworks Solutions declared that its Board of Directors has initiated a share repurchase program on Tuesday, February 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 15.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In other news, Director David J. Aldrich sold 5,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $83.13, for a total value of $415,650.00. Following the completion of the sale, the director now owns 203,032 shares of the company’s stock, valued at $16,878,050.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Peter L. Gammel sold 2,250 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $77.43, for a total value of $174,217.50. Following the completion of the sale, the chief technology officer now directly owns 11,490 shares of the company’s stock, valued at approximately $889,670.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,315 shares of company stock valued at $9,981,691. Insiders own 0.64% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Allstate Corp bought a new stake in shares of Skyworks Solutions during the 1st quarter valued at about $316,000. Advisory Services Network LLC boosted its position in shares of Skyworks Solutions by 4.6% during the 1st quarter. Advisory Services Network LLC now owns 15,292 shares of the semiconductor manufacturer’s stock valued at $1,261,000 after purchasing an additional 675 shares in the last quarter. FMR LLC boosted its position in shares of Skyworks Solutions by 63.8% during the 1st quarter. FMR LLC now owns 3,517,246 shares of the semiconductor manufacturer’s stock valued at $290,102,000 after purchasing an additional 1,370,337 shares in the last quarter. BlueMountain Capital Management LLC boosted its position in shares of Skyworks Solutions by 74.1% during the 1st quarter. BlueMountain Capital Management LLC now owns 3,049 shares of the semiconductor manufacturer’s stock valued at $251,000 after purchasing an additional 1,298 shares in the last quarter. Finally, Covenant Partners LLC bought a new stake in shares of Skyworks Solutions during the 1st quarter valued at about $268,000. 82.63% of the stock is owned by institutional investors.

Skyworks Solutions Company Profile

Skyworks Solutions, Inc, together with its subsidiaries, designs, develops, manufactures, and markets proprietary semiconductor products, including intellectual property worldwide. Its product portfolio includes amplifiers, antenna tuners, attenuators, circulators/isolators, DC/DC converters, demodulators, detectors, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrids, LED drivers, low noise amplifiers, mixers, modulators, optocouplers/optoisolators, phase locked loops, phase shifters, power dividers/combiners, receivers, switches, synthesizers, technical ceramics, voltage controlled oscillators/synthesizers, and voltage regulators.

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Analyst Recommendations for Skyworks Solutions (NASDAQ:SWKS)

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