Philip Matthew Carter, the Vice President and Corporate Controller of Skyworks Solutions, Inc. (NASDAQ:SWKS), has sold 452 shares of the company's common stock on July 16, 2024, for a total value of $54,240. The transaction was conducted at a price of $120 per share, according to a recent SEC filing.
The sale was executed under a Rule 10b5-1 trading plan, which Carter had adopted on December 14, 2023. Such plans allow company insiders to set up a predetermined schedule for buying and selling shares at a time when they are not in possession of material non-public information, to avoid any accusations of insider trading.
Following the sale, Carter still holds a substantial number of shares in Skyworks Solutions. The filing indicated that after this transaction, his direct ownership stands at 9,112 shares. Additionally, the filing noted that Carter has an indirect ownership of 533 shares of common stock through the Skyworks Solutions, Inc. 401(k) plan, as of the latest plan statement dated June 30, 2024.
Skyworks Solutions, Inc., headquartered in Irvine, California, is a semiconductor company that designs and manufactures innovative analog semiconductors. The company is incorporated in Delaware and is part of the semiconductors and related devices industry.
Investors and stakeholders often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company's current valuation and future prospects. The recent transaction by Carter is part of the regular disclosures that executives make regarding their stock transactions in the company they manage.
In other recent news, semiconductor company Skyworks Solutions has been the subject of various analyst adjustments. B.Riley upgraded Skyworks Solutions from Neutral to Buy, citing renewed confidence in the company's sales growth and earnings per share (EPS) potential. This optimism is backed by the company's strong cash flow and low debt, which could enable value-enhancing mergers and acquisitions.
However, Wolfe Research downgraded Skyworks from Outperform to Peer Perform due to concerns about the company's loss of iPhone content, a significant part of its revenue. Citi maintained its Sell rating on Skyworks but reduced the price target from $85 to $83, highlighting the company's reliance on Apple (NASDAQ:AAPL) and the competitive landscape in China.
Piper Sandler reduced its price target for Skyworks to $95 from $105 due to challenges in the mobile demand sector, maintaining a Neutral rating on the company's shares. Rosenblatt Securities and Mizuho also adjusted their outlook on Skyworks, reducing their price targets to $120 and $115 respectively, while maintaining their Buy ratings. These adjustments are based on recent developments and reflect the analysts' projections for the company's future performance.
InvestingPro Insights
As stakeholders assess the implications of Philip Matthew Carter's (NYSE:CRI) recent stock sale, it's pertinent to consider the financial health and market performance indicators for Skyworks Solutions (NASDAQ:SWKS) provided by InvestingPro. With a current market capitalization of $18.78 billion and a price-to-earnings (P/E) ratio of 21.65, the company appears to be maintaining a solid position in the market. Moreover, the adjusted P/E ratio for the last twelve months as of Q2 2024 stands at a similar level of 21.4.
InvestingPro Tips highlight that Skyworks Solutions has been consistent in returning value to shareholders, having raised its dividend for 10 consecutive years, and maintained dividend payments for 11 consecutive years. This consistency is further underscored by a dividend yield of 2.32%, coupled with a dividend growth of 9.68% over the last twelve months as of Q2 2024. Additionally, the company's liquid assets exceed its short-term obligations, indicating a healthy liquidity position.
Investors might also find interest in the company's strong return over the last three months, with a 21.13% price total return, which aligns with the stock trading near its 52-week high, at 97.13% of the peak price. These metrics suggest a robust short-term performance, a factor that could weigh on insider selling decisions and investor sentiment alike.
For those looking to delve deeper into Skyworks Solutions' financials and stock performance, InvestingPro offers additional insights. There are currently 24 more InvestingPro Tips available at: https://www.investing.com/pro/SWKS, which could provide a more comprehensive picture of the company's outlook. Remember, you can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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