Citigroup Cuts Skyworks Solutions (NASDAQ:SWKS) Price Target to $83.00

Skyworks Solutions (NASDAQ:SWKS - Get Free Report) had its price target decreased by Citigroup from $85.00 to $83.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a "sell" rating on the semiconductor manufacturer's stock. Citigroup's price target would suggest a potential downside of 7.49% from the stock's current price.

A number of other brokerages have also commented on SWKS. JPMorgan Chase & Co. cut their target price on Skyworks Solutions from $120.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday. Needham & Company LLC restated a "hold" rating on shares of Skyworks Solutions in a research note on Wednesday. TD Cowen lowered shares of Skyworks Solutions from a "buy" rating to a "hold" rating and decreased their target price for the company from $125.00 to $90.00 in a research report on Wednesday. UBS Group dropped their price target on shares of Skyworks Solutions from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Mizuho decreased their price objective on Skyworks Solutions from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $108.86.

Skyworks Solutions Stock Performance

Shares of NASDAQ SWKS traded down $0.58 during mid-day trading on Thursday, hitting $89.72. The company had a trading volume of 4,017,009 shares, compared to its average volume of 2,409,302. Skyworks Solutions has a 12 month low of $85.06 and a 12 month high of $115.69. The firm has a market cap of $14.38 billion, a P/E ratio of 16.86, a PEG ratio of 1.98 and a beta of 1.35. The business's 50-day simple moving average is $103.94 and its 200-day simple moving average is $101.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 5.02 and a quick ratio of 3.51.

Skyworks Solutions (NASDAQ:SWKS - Get Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The semiconductor manufacturer reported $1.97 EPS for the quarter, beating the consensus estimate of $1.95 by $0.02. Skyworks Solutions had a return on equity of 17.20% and a net margin of 18.85%. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the firm posted $2.33 EPS. The company's revenue for the quarter was down 9.6% on a year-over-year basis. As a group, analysts predict that Skyworks Solutions will post 5.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Liam Griffin purchased 11,142 shares of Skyworks Solutions stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $90.00 per share, for a total transaction of $1,002,780.00. Following the transaction, the chief executive officer now directly owns 104,153 shares in the company, valued at $9,373,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SWKS. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Skyworks Solutions by 40.3% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 22,300 shares of the semiconductor manufacturer's stock worth $2,199,000 after acquiring an additional 6,400 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Skyworks Solutions by 2.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 16,911 shares of the semiconductor manufacturer's stock worth $1,667,000 after purchasing an additional 362 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Skyworks Solutions by 639.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 161,155 shares of the semiconductor manufacturer's stock valued at $15,888,000 after purchasing an additional 139,372 shares during the period. Xponance Inc. boosted its stake in shares of Skyworks Solutions by 4.1% in the 3rd quarter. Xponance Inc. now owns 21,230 shares of the semiconductor manufacturer's stock valued at $2,093,000 after purchasing an additional 845 shares during the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of Skyworks Solutions by 22.3% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 3,818 shares of the semiconductor manufacturer's stock worth $376,000 after buying an additional 695 shares during the period. 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.