Skyworks Solutions Inc (NASDAQ:SWKS) an innovator of high performance analog semiconductors connecting people, places and things, today announced that Kris Sennesael has joined Skyworks as senior vice president and chief financial officer. Sennesael, 47, most recently served as chief financial officer for Enphase Energy, a semiconductor-based energy solutions provider.
Prior to Enphase, Sennesael was chief financial officer at Standard Microsystems, a designer of mixed signal connectivity solutions and, previously, he held increasingly responsible financial positions at ON, AMI Semiconductor and Alcatel Microelectronics. Sennesael holds bachelor’s and master’s degrees in economics from the University of Ghent, Belgium, as well as an MBA from the Vlerick Management School.
“We are delighted to have Kris join Skyworks as we embark on our next key growth phase driven by ubiquitous mobile connectivity and the Internetof Things,” said Liam K. Griffin, president and chief executive officer of Skyworks. “His unique combination of financial expertise, operational acumen and industry knowledge will be valuable assets as we build upon our market leadership and take Skyworks to the next level of financial outperformance.”
“I am excited to be joining Skyworks’ management team and enhancing the Company’s industry-leading financial returns,” said Sennesael. “Specifically, I look forward to driving further gross margin expansion, operational excellence and ultimately shareholder value.”
Donald Palette, 59, who has been Skyworks’ chief financial officer since 2007, will serve in an advisory role for a transitional period. “We appreciate Don’s leadership and counsel over the last nine years, particularly as we reshaped our business, outpaced our competition, substantially improved our degree of profitability and strengthened our balance sheet. Skyworks has benefited from the strong financial foundation set by Don, and we wish him well in his retirement,” said Griffin.
“It has been a privilege to serve Skyworks, and I am proud of our many accomplishments,” said Palette. “I am confident that the finance organization is in great hands with Kris, and we anticipate a seamless transition both internally and externally.” (Original Source)
Shares of Skyworks closed today at $74.79, up $0.43 or -0.57%. SWKS has a 1-year high of $92.63 and a 1-year low of $54.50. The stock’s 50-day moving average is $67.10 and its 200-day moving average is $67.66.
On the ratings front, Skyworks has been the subject of a number of recent research reports. In a report issued on August 15, Pacific Crest analyst John Vinh maintained a Hold rating on SWKS. Separately, on the same day, Brean Capital’s Mike Burton reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Vinh and Mike Burton have a total average return of 5.0% and 16.3% respectively. Vinh has a success rate of 49% and is ranked #853 out of 4127 analysts, while Burton has a success rate of 73.5% and is ranked #42.
Overall, 2 research analysts have rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $79.67 which is 6.5% above where the stock opened today.
Skyworks Solutions, Inc. engages in the design, development, and manufacture of proprietary semiconductor products. Its product portfolio includes amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, synthesizers, power dividers and combiners, power management devices, receivers, switches, and technical ceramics.