Skyworks Solutions Inc (NASDAQ:SWKS), an innovator of high performance analog semiconductors connecting people, places and things, announced that its Board of Directors has authorized the repurchase of up to $400 million of the company’s common stock from time to time prior to November 10, 2017, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. This newly authorized stock repurchase program replaces in its entirety the $300 million stock repurchase program which was approved by the Board of Directors on November 11, 2014, and had $62.6 million of repurchase authority remaining.
The timing and amount of any shares of the company’s common stock that are repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The company currently expects to fund the repurchase program using the company’s working capital. As of October 2, 2015, the company had cash and cash equivalents of approximately $1,043.6 million. (Original Source)
Shares of Skyworks Solutions closed today at $80.37, down $4.52 or 5.32%. SWKS has a 1-year high of $112.88 and a 1-year low of $60.08. The stock’s 50-day moving average is $81.27 and its 200-day moving average is $92.74.
On the ratings front, Skyworks Solutions has been the subject of a number of recent research reports. In a report issued on November 6, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on SWKS, with a price target of $132, which implies an upside of 64.2% from current levels. Separately, on November 4, Brean Murray Carret’s Mike Burton reiterated a Buy rating on the stock and has a price target of $100.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Mike Burton have a total average return of 17.2% and 11.9% respectively. Walkley has a success rate of 63.6% and is ranked #12 out of 3832 analysts, while Burton has a success rate of 59.2% and is ranked #276.
The street is mostly Bullish on SWKS stock. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $117.25, which implies an upside of 45.9% from current levels.
Skyworks Solutions Inc, together with its consolidated subsidiaries is an innovator of high reliability analog and mixed signal semiconductors.