Skyworks Solutions (NASDAQ:SWKS) had its target price reduced by equities researchers at B. Riley from $131.00 to $128.00 in a report issued on Tuesday. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. B. Riley’s target price suggests a potential upside of 22.63% from the stock’s current price.
Other equities analysts have also issued reports about the company. Zacks Investment Research raised Skyworks Solutions from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. BMO Capital Markets raised Skyworks Solutions from a “market perform” rating to an “outperform” rating in a research note on Tuesday. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on Skyworks Solutions from $86.00 to $88.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 13th. Drexel Hamilton reaffirmed a “buy” rating and issued a $128.00 price objective (up from $120.00) on shares of Skyworks Solutions in a research note on Tuesday, November 7th. Finally, BidaskClub lowered Skyworks Solutions from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Four analysts have rated the stock with a sell rating, four have given a hold rating and twenty-three have assigned a buy rating to the company. Skyworks Solutions presently has an average rating of “Buy” and a consensus target price of $115.93.
Skyworks Solutions (SWKS) traded up $9.70 during trading hours on Tuesday, hitting $104.38. The stock had a trading volume of 8,531,781 shares, compared to its average volume of 2,510,000. The company has a market capitalization of $19,210.00, a PE ratio of 23.67, a P/E/G ratio of 1.03 and a beta of 0.69. Skyworks Solutions has a 52 week low of $90.53 and a 52 week high of $117.65.
Skyworks Solutions announced that its Board of Directors has initiated a stock buyback program on Monday, February 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, CEO Liam Griffin sold 12,141 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $110.95, for a total transaction of $1,347,043.95. Following the completion of the sale, the chief executive officer now owns 49,514 shares in the company, valued at $5,493,578.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Carlos S. Bori sold 4,377 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $108.30, for a total value of $474,029.10. Following the sale, the senior vice president now owns 17,645 shares of the company’s stock, valued at approximately $1,910,953.50. The disclosure for this sale can be found here. Insiders have sold 169,664 shares of company stock valued at $18,031,219 in the last quarter. 0.49% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Financial Engines Advisors L.L.C. bought a new position in Skyworks Solutions in the 3rd quarter valued at $126,000. WFG Advisors LP grew its stake in Skyworks Solutions by 14.8% in the 2nd quarter. WFG Advisors LP now owns 1,326 shares of the semiconductor manufacturer’s stock valued at $127,000 after purchasing an additional 171 shares during the period. Intact Investment Management Inc. bought a new position in Skyworks Solutions in the 3rd quarter valued at $204,000. Round Table Services LLC bought a new position in Skyworks Solutions in the 3rd quarter valued at $204,000. Finally, Park Avenue Securities LLC bought a new position in Skyworks Solutions in the 3rd quarter valued at $211,000. Institutional investors and hedge funds own 81.77% of the company’s stock.
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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.
