Skyworks Solutions (NASDAQ:SWKS) Shares Gap Down After Analyst Downgrade

Skyworks Solutions, Inc. (NASDAQ:SWKS) gapped down prior to trading on Wednesday after Susquehanna lowered their price target on the stock from $90.00 to $75.00. The stock had previously closed at $85.40, but opened at $73.28. Susquehanna currently has a neutral rating on the stock. Skyworks Solutions shares last traded at $78.9490, with a volume of 1,511,406 shares.

Several other research firms have also recently issued reports on SWKS. William Blair reissued a “buy” rating on shares of Skyworks Solutions in a research report on Wednesday, July 29th. B. Riley Financial raised shares of Skyworks Solutions from a “neutral” rating to a “buy” rating and raised their target price for the stock from $68.00 to $107.00 in a research report on Tuesday, October 6th. Bank of America decreased their price target on shares of Skyworks Solutions from $78.00 to $72.00 and set an “underperform” rating for the company in a research note on Wednesday. UBS Group boosted their price target on Skyworks Solutions from $70.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Finally, KeyCorp cut Skyworks Solutions from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, July 14th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Skyworks Solutions currently has a consensus rating of “Hold” and an average target price of $78.22.

Key Skyworks Solutions News

Here are the key news stories impacting Skyworks Solutions this week:

• Positive Sentiment: The Qorvo combination is expected to create a broader RF platform and expand Skyworks’ reach into markets including defense, automotive and infrastructure. Management is targeting at least $500 million in annual cost synergies, with a goal of reaching 50%–55% gross margins over the next 24–36 months. Skyworks Begins New Chapter Following Qorvo Combination
• Neutral Sentiment: Fiscal Q4 adjusted EPS of $1.28 and revenue of about $1.05 billion edged past consensus. However, both earnings and sales were lower year over year, tempering the significance of the beat. Skyworks Tops Q4 Earnings and Revenue Estimates
• Negative Sentiment: Skyworks’ first-quarter sales outlook came in below analysts’ expectations. The company cited a sluggish smartphone market, raising concerns about near-term demand and weighing on the stock after results. Skyworks tumbles as sluggish smartphone market weighs on forecast
• Negative Sentiment: Analyst actions added to the cautious tone: Susquehanna cut its price target to $75 and assigned a neutral rating, while Goldman Sachs initiated coverage with a sell rating and a $78 target. Analysts Lower Forecasts Following Q4 Results

Institutional Investors Weigh In On Skyworks Solutions

Several hedge funds have recently modified their holdings of the business. Caitlin John LLC bought a new position in Skyworks Solutions in the second quarter worth approximately $27,000. Parkside Financial Bank & Trust lifted its holdings in Skyworks Solutions by 108.4% during the second quarter. Parkside Financial Bank & Trust now owns 396 shares of the semiconductor manufacturer’s stock worth $27,000 after buying an additional 206 shares during the period. J.Safra Asset Management Corp bought a new stake in Skyworks Solutions during the 2nd quarter valued at $28,000. Fortitude Family Office LLC boosted its position in Skyworks Solutions by 254.7% during the 3rd quarter. Fortitude Family Office LLC now owns 337 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 242 shares in the last quarter. Finally, Hara Capital LLC purchased a new position in shares of Skyworks Solutions in the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Skyworks Solutions Price Performance

The firm has a market capitalization of $11.97 billion, a PE ratio of 41.23, a P/E/G ratio of 2.32 and a beta of 1.51. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.94 and a current ratio of 3.10. The stock has a fifty day moving average price of $81.21 and a 200-day moving average price of $67.81.

Skyworks Solutions (NASDAQ:SWKS) last issued its quarterly earnings data on Tuesday, November 3rd. The semiconductor manufacturer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.01. Skyworks Solutions had a return on equity of 10.74% and a net margin of 7.23%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Sell-side analysts forecast that Skyworks Solutions, Inc. will post 3.61 EPS for the current fiscal year.

About Skyworks Solutions

Skyworks Solutions, Inc (NASDAQ: SWKS) is a semiconductor company that designs and manufactures high-performance analog and mixed-signal products for wireless connectivity applications. Its portfolio includes radio-frequency front-end modules, amplifiers, filters, switches, antenna tuners, and other integrated solutions used to transmit, receive, and manage wireless signals.

The company serves a range of markets, including smartphones and other mobile devices, automotive systems, industrial equipment, home automation, medical devices, aerospace, and defense.