Zacks Investment Research Upgrades Skyworks Solutions, Inc. (SWKS) to Buy
Skyworks Solutions, Inc. (NASDAQ:SWKS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $114.00 target price on the semiconductor manufacturer’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.29% from the stock’s previous close.
According to Zacks, “Skyworks reported strong third-quarter fiscal 2017 results. Both earnings and revenues increased on a year-over-year basis. Strong demand for Wi-Fi, Zigbee and LTE solutions have helped the company to gain traction. Management provided optimistic guidance for the fourth-quarter. We note that Skyworks has outperformed the broader market on a year-to-date basis. Further, strategic design wins in IoT, automotive and 5G markets to remain significant positives for the company in the long haul. However, heavy investments in R&D are escalating operating expenses, which is affecting margins. Significant pricing pressure, technological obsolescence and high concentration risks remain additional headwinds. Additionally the delay in launch of iPhone 8 seems to be a negative for the company.”
Several other research analysts have also issued reports on the company. BidaskClub lowered Skyworks Solutions from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 23rd. Vetr upgraded Skyworks Solutions from a “buy” rating to a “strong-buy” rating and set a $113.85 price objective for the company in a research note on Monday, August 21st. Northland Securities reiterated a “buy” rating and set a $115.00 price objective on shares of Skyworks Solutions in a research note on Friday, August 4th. Wells Fargo & Company reiterated an “outperform” rating on shares of Skyworks Solutions in a research note on Monday, July 31st. Finally, MKM Partners reiterated a “buy” rating and set a $115.00 price objective on shares of Skyworks Solutions in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $110.18.
Shares of Skyworks Solutions (NASDAQ SWKS) opened at 101.52 on Monday. The stock has a 50 day moving average of $103.85 and a 200-day moving average of $100.95. The stock has a market capitalization of $18.65 billion, a P/E ratio of 19.49 and a beta of 0.82. Skyworks Solutions has a 1-year low of $65.76 and a 1-year high of $112.11.
Skyworks Solutions (NASDAQ:SWKS) last issued its earnings results on Thursday, July 20th. The semiconductor manufacturer reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.05. Skyworks Solutions had a return on equity of 28.67% and a net margin of 27.86%. The business had revenue of $900.80 million during the quarter, compared to analyst estimates of $890.58 million. During the same period in the prior year, the company posted $1.24 earnings per share. Skyworks Solutions’s revenue was up 19.8% on a year-over-year basis. Equities research analysts predict that Skyworks Solutions will post $6.39 earnings per share for the current fiscal year.
In other Skyworks Solutions news, insider Liam Griffin sold 8,056 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $105.31, for a total transaction of $848,377.36. Following the transaction, the insider now owns 54,310 shares in the company, valued at $5,719,386.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Christine King sold 3,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $108.84, for a total value of $380,940.00. Following the transaction, the director now owns 16,436 shares in the company, valued at approximately $1,788,894.24. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its stake in Skyworks Solutions by 100.0% in the fourth quarter. Macquarie Group Ltd. now owns 10,400 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 5,200 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in Skyworks Solutions during the first quarter worth approximately $196,000. Retirement Systems of Alabama raised its stake in Skyworks Solutions by 1.5% in the first quarter. Retirement Systems of Alabama now owns 89,386 shares of the semiconductor manufacturer’s stock worth $8,758,000 after buying an additional 1,314 shares in the last quarter. Waldron LP raised its stake in Skyworks Solutions by 5.7% in the first quarter. Waldron LP now owns 3,076 shares of the semiconductor manufacturer’s stock worth $301,000 after buying an additional 165 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Skyworks Solutions by 3.0% in the first quarter. Janney Montgomery Scott LLC now owns 17,354 shares of the semiconductor manufacturer’s stock worth $1,700,000 after buying an additional 511 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.
About Skyworks Solutions
Skyworks Solutions Inc designs, develops, manufactures and markets semiconductor products, including intellectual property. The Company’s analog semiconductors are connecting people, places, and things, spanning a number of new and unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.
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