Needham & Company LLC Reaffirms Buy Rating for Skyworks Solutions (SWKS)

Skyworks Solutions (NASDAQ:SWKS)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Tuesday.

The analysts wrote, “SWKS F1Q18 results exceeded expectations but the company provided lower than expected F2Q18 guidance driven by a decrease in flagship handset units. While near term demand in the company’s Mobile business is experiencing a decrease in order volume by a marquee customer and seasonal headwinds, we remain positive on the company’s setup into F2H18 due to strong design win traction on marquee 2018 platforms and a favorable back drop of new opportunities for SWKS’s low-band PADs and receive diversity (DRx) module products. While we are lowering our forward revenue estimates, our forward NG EPS estimates increase to reflect a lower effective tax rate. We maintain our Buy and $120 price target based on 14.5x our CY19 NG EPS estimate.””

SWKS has been the topic of several other reports. Vetr upgraded Skyworks Solutions from a “hold” rating to a “buy” rating and set a $118.57 target price on the stock in a research report on Tuesday, November 7th. Zacks Investment Research downgraded Skyworks Solutions from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. DA Davidson reiterated a “buy” rating and set a $130.00 target price on shares of Skyworks Solutions in a research report on Tuesday, November 7th. Barclays increased their target price on Skyworks Solutions from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Finally, Drexel Hamilton reiterated a “buy” rating and set a $128.00 target price on shares of Skyworks Solutions in a research report on Monday. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $115.93.

Shares of Skyworks Solutions (NASDAQ:SWKS) opened at $101.35 on Tuesday. Skyworks Solutions has a 12-month low of $90.53 and a 12-month high of $117.65. The stock has a market capitalization of $18,620.00, a price-to-earnings ratio of 22.98, a PEG ratio of 0.98 and a beta of 0.69.

Skyworks Solutions (NASDAQ:SWKS) last issued its quarterly earnings data on Monday, November 6th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.05. Skyworks Solutions had a return on equity of 30.17% and a net margin of 21.72%. The business had revenue of $984.60 million for the quarter, compared to the consensus estimate of $980.58 million. analysts forecast that Skyworks Solutions will post 6.66 EPS for the current fiscal year.

Skyworks Solutions declared that its board has approved a share repurchase program on Monday, February 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

In other news, VP Laura A. Gasparini sold 12,132 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $110.53, for a total value of $1,340,949.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Peter L. Gammel sold 7,800 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $100.60, for a total value of $784,680.00. Following the completion of the transaction, the insider now owns 12,680 shares in the company, valued at $1,275,608. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,664 shares of company stock worth $18,031,219. Company insiders own 0.49% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Union Bankshares Corp acquired a new stake in shares of Skyworks Solutions in the fourth quarter valued at about $1,912,000. Cullen Frost Bankers Inc. grew its stake in shares of Skyworks Solutions by 9.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 148,581 shares of the semiconductor manufacturer’s stock valued at $14,108,000 after buying an additional 12,828 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Skyworks Solutions by 69.2% in the third quarter. Van ECK Associates Corp now owns 307,568 shares of the semiconductor manufacturer’s stock valued at $31,341,000 after buying an additional 125,792 shares in the last quarter. Pinebridge Investments L.P. grew its stake in shares of Skyworks Solutions by 88.2% in the third quarter. Pinebridge Investments L.P. now owns 108,618 shares of the semiconductor manufacturer’s stock valued at $11,069,000 after buying an additional 50,898 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its stake in shares of Skyworks Solutions by 18.2% in the fourth quarter. Gateway Investment Advisers LLC now owns 170,791 shares of the semiconductor manufacturer’s stock valued at $16,217,000 after buying an additional 26,237 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.

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Skyworks Solutions Company Profile

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.

Analyst Recommendations for Skyworks Solutions (NASDAQ:SWKS)

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