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Investing.com - Benchmark maintained its Buy rating and $55.00 price target on Power Integrations (NASDAQ:POWI), a company with a market capitalization of $2.4 billion and strong financial health metrics according to InvestingPro, following the announcement of a key executive departure.
Power Integrations revealed that Chief Financial Officer Sandeep Nayyar will step down on October 4 to assume the CFO position at Altera, the FPGA provider recently spun out from Intel.
Nayyar has served as CFO since 2010 and has played a crucial role in driving the company’s growth, profitability, and financial discipline during his 15-year tenure with the firm.
Eric Verity, senior director of finance, will serve as acting CFO while the company conducts a search for a permanent replacement.
Benchmark expressed confidence that the transition would proceed smoothly, noting Verity’s long tenure and close working relationship with Nayyar, which should prevent any disruption to operations or near-term changes to company strategy.
In other recent news, Power Integrations reported its financial results for the second quarter of 2025, revealing a mixed performance. The company missed earnings per share (EPS) estimates, reporting $0.35 against the expected $0.36, but exceeded revenue forecasts with $116 million, surpassing the anticipated $115.02 million. This revenue figure marks a 9% increase compared to the same period last year. Additionally, Power Integrations reaffirmed its third-quarter financial outlook, initially provided on August 6.
In management changes, Chief Financial Officer Sandeep Nayyar will depart the company effective October 4, after a 15-year tenure, to pursue a new opportunity. Eric Verity, the Senior Director of Finance, will serve as interim CFO while the company searches for a permanent replacement. Meanwhile, Benchmark has adjusted its price target for Power Integrations to $55.00 from $70.00, maintaining a Buy rating, due to weak guidance influenced by macroeconomic and tariff-related headwinds. Stifel also continues to recommend a Buy rating for the company.
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