Skyworks Solutions, Inc. (NASDAQ:SWKS) Rating Increased to Buy at Zacks Investment Research
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 presently has a $121.00 price target on the semiconductor manufacturer’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.59% from the company’s current price.
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 expect improving growth prospects to help the stock’s momentum in the rest of 2017 and beyond. 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.”
Several other equities research analysts have also weighed in on SWKS. B. Riley reaffirmed a “buy” rating and issued a $120.00 target price on shares of Skyworks Solutions in a report on Wednesday, May 3rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $100.00 target price on shares of Skyworks Solutions in a report on Friday. Barclays PLC reaffirmed an “overweight” rating on shares of Skyworks Solutions in a report on Friday. Canaccord Genuity reaffirmed a “buy” rating and issued a $117.00 target price (up previously from $115.00) on shares of Skyworks Solutions in a report on Saturday. Finally, Vetr raised shares of Skyworks Solutions from a “buy” rating to a “strong-buy” rating and set a $116.28 target price on the stock in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-one have given a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $107.01.
Skyworks Solutions (SWKS) traded down 1.214% on Monday, reaching $106.165. 1,747,615 shares of the company’s stock were exchanged. Skyworks Solutions has a 12 month low of $62.40 and a 12 month high of $112.11. The firm has a market capitalization of $19.56 billion, a price-to-earnings ratio of 20.377 and a beta of 0.81. The firm has a 50-day moving average of $102.89 and a 200-day moving average of $97.40.
Skyworks Solutions (NASDAQ:SWKS) last posted its earnings results on Thursday, July 20th. The semiconductor manufacturer reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.52 by $0.05. Skyworks Solutions had a net margin of 27.86% and a return on equity of 28.67%. The business had revenue of $900.80 million for the quarter, compared to analyst estimates of $890.58 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities analysts expect that Skyworks Solutions will post $6.38 earnings per share for the current year.
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In other Skyworks Solutions news, insider Liam Griffin sold 21,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $100.25, for a total transaction of $2,105,250.00. Following the sale, the insider now directly owns 74,782 shares in the company, valued at approximately $7,496,895.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert John Terry sold 3,233 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $100.26, for a total transaction of $324,140.58. The disclosure for this sale can be found here. Insiders have sold a total of 93,458 shares of company stock worth $9,512,091 over the last 90 days. Corporate insiders own 0.49% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. BKS Advisors LLC bought a new stake in shares of Skyworks Solutions during the third quarter valued at approximately $101,000. Invictus RG bought a new stake in shares of Skyworks Solutions during the first quarter valued at approximately $101,000. Investment Counselors of Maryland LLC bought a new stake in shares of Skyworks Solutions during the third quarter valued at approximately $102,000. Canada Pension Plan Investment Board increased its stake in shares of Skyworks Solutions by 1,084.1% in the third quarter. Canada Pension Plan Investment Board now owns 1,338 shares of the semiconductor manufacturer’s stock valued at $102,000 after buying an additional 1,225 shares during the period. Finally, Winslow Evans & Crocker Inc. increased its stake in shares of Skyworks Solutions by 5.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 1,050 shares of the semiconductor manufacturer’s stock valued at $103,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 81.24% of the company’s stock.
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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