Citigroup Issues Positive Forecast for Skyworks Solutions (NASDAQ:SWKS) Stock Price

Key Points

• Citigroup has raised its price target for Skyworks Solutions (NASDAQ:SWKS) from $63.00 to $66.00, indicating a potential downside of 2.25% from the current stock price while maintaining a "sell" rating.
• Analysts from other brokerages have issued varying target prices, with UBS raising theirs to $75.00 and Stifel Nicolaus to $72.00, while consensus rating across analysts remains a "Hold" with a target price of approximately $72.87.
• Skyworks Solutions reported better-than-expected quarterly earnings with $1.33 earnings per share, outperforming the consensus estimate of $1.24, and revenues grew by 6.6% to $965 million compared to the previous year.

Skyworks Solutions (NASDAQ:SWKS - Get Free Report) had its price objective boosted by analysts at Citigroup from $63.00 to $66.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "sell" rating on the semiconductor manufacturer's stock. Citigroup's price target indicates a potential downside of 2.25% from the stock's current price.

A number of other brokerages also recently issued reports on SWKS. UBS Group lifted their price objective on shares of Skyworks Solutions from $65.00 to $75.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Stifel Nicolaus lifted their price objective on shares of Skyworks Solutions from $62.00 to $72.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Barclays lifted their price objective on shares of Skyworks Solutions from $45.00 to $52.00 and gave the stock an "underweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of Skyworks Solutions from $70.00 to $66.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, Susquehanna lifted their price objective on shares of Skyworks Solutions from $60.00 to $75.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $72.87.

Skyworks Solutions Stock Down 0.2%

NASDAQ SWKS traded down $0.11 during trading on Wednesday, reaching $67.52. 5,428,376 shares of the company's stock traded hands, compared to its average volume of 3,524,739. Skyworks Solutions has a 12-month low of $47.93 and a 12-month high of $110.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.95 and a quick ratio of 3.84. The firm has a market cap of $10.14 billion, a price-to-earnings ratio of 26.48, a price-to-earnings-growth ratio of 1.70 and a beta of 1.13. The company's 50 day simple moving average is $72.73 and its two-hundred day simple moving average is $69.98.

Skyworks Solutions (NASDAQ:SWKS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The semiconductor manufacturer reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.09. Skyworks Solutions had a net margin of 10.43% and a return on equity of 11.53%. The firm had revenue of $965.00 million during the quarter, compared to analysts' expectations of $940.00 million. During the same quarter in the prior year, the company earned $1.21 EPS. The company's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Skyworks Solutions will post 3.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Park Place Capital Corp grew its position in Skyworks Solutions by 62.1% during the second quarter. Park Place Capital Corp now owns 368 shares of the semiconductor manufacturer's stock valued at $28,000 after buying an additional 141 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in Skyworks Solutions during the second quarter valued at $28,000. Mattson Financial Services LLC acquired a new stake in Skyworks Solutions during the fourth quarter valued at $37,000. CVA Family Office LLC grew its position in Skyworks Solutions by 424.1% during the second quarter. CVA Family Office LLC now owns 566 shares of the semiconductor manufacturer's stock valued at $42,000 after buying an additional 458 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its position in Skyworks Solutions by 60.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 594 shares of the semiconductor manufacturer's stock valued at $38,000 after buying an additional 223 shares during the period. Hedge funds and other institutional investors own 85.43% of the company's stock.

About Skyworks Solutions

Skyworks Solutions, Inc, together with its subsidiaries, designs, develops, manufactures, and markets proprietary semiconductor products in the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific. Its product portfolio includes amplifiers, antenna tuners, attenuators, automotive tuners and digital radios, DC/DC converters, demodulators, detectors, diodes, wireless analog system on chip products, directional couplers, diversity receive modules, filters, front-end modules, hybrids, light emitting diode drivers, low noise amplifiers, mixers, modulators, optocouplers/optoisolators, phase locked loops, phase shifters, power dividers/combiners, power over ethernet, power isolators, receivers, switches, synthesizers, timing devices, voltage controlled oscillators/synthesizers, and voltage regulators.

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