Synaptics Incorporated (NASDAQ:SYNA – Get Free Report) gapped down prior to trading on Friday after Susquehanna lowered their price target on the stock from $115.00 to $100.00. The stock had previously closed at $89.78, but opened at $81.25. Synaptics shares last traded at $85.43, with a volume of 96,423 shares traded.
A number of other equities research analysts have also weighed in on the stock. StockNews.com initiated coverage on shares of Synaptics in a research note on Thursday, May 18th. They set a “hold” rating for the company. KeyCorp reduced their price objective on shares of Synaptics from $140.00 to $100.00 in a research report on Thursday, May 4th. Oppenheimer increased their price target on shares of Synaptics from $185.00 to $195.00 in a report on Monday, April 24th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Synaptics in a report on Friday. Finally, Craig Hallum dropped their target price on shares of Synaptics from $150.00 to $115.00 in a research note on Thursday, May 4th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $118.75.
Insider Buying and Selling
In related news, insider Michael E. Hurlston sold 46,981 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $85.73, for a total transaction of $4,027,681.13. Following the completion of the sale, the insider now directly owns 282,687 shares of the company’s stock, valued at approximately $24,234,756.51. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.80% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYNA. Bank of New York Mellon Corp lifted its stake in Synaptics by 75.4% during the second quarter. Bank of New York Mellon Corp now owns 1,030,462 shares of the software maker’s stock valued at $87,981,000 after buying an additional 443,026 shares in the last quarter. Norges Bank purchased a new stake in shares of Synaptics in the fourth quarter valued at $34,790,000. Alliancebernstein L.P. lifted its holdings in shares of Synaptics by 55.0% in the fourth quarter. Alliancebernstein L.P. now owns 864,167 shares of the software maker’s stock valued at $82,234,000 after purchasing an additional 306,742 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Synaptics by 112.8% in the second quarter. Wells Fargo & Company MN now owns 28,599 shares of the software maker’s stock valued at $3,376,000 after purchasing an additional 251,313 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Synaptics by 261.8% in the fourth quarter. AQR Capital Management LLC now owns 310,091 shares of the software maker’s stock worth $28,879,000 after purchasing an additional 224,380 shares in the last quarter. Institutional investors and hedge funds own 89.18% of the company’s stock.
Synaptics Stock Down 1.6 %
The business’s 50-day moving average price is $86.34 and its 200-day moving average price is $98.88. The company has a quick ratio of 4.41, a current ratio of 4.96 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $3.49 billion, a PE ratio of 19.61 and a beta of 1.53.
Synaptics (NASDAQ:SYNA – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.22. The firm had revenue of $227.30 million for the quarter, compared to analyst estimates of $224.34 million. Synaptics had a net margin of 11.21% and a return on equity of 27.01%. The company’s revenue for the quarter was down 52.3% on a year-over-year basis. During the same quarter last year, the firm earned $3.21 earnings per share. As a group, equities research analysts predict that Synaptics Incorporated will post 5.48 EPS for the current fiscal year.
Synaptics announced that its board has authorized a share buyback plan on Wednesday, May 3rd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 14.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
About Synaptics
Synaptics Incorporated develops, markets, and sells semiconductor product solutions worldwide. The company offers AudioSmart for voice and audio processing; ConnectSmart for high-speed video/audio/data connectivity; DisplayLink for transmitting compressed video frames across low bandwidth connections; VideoSmart that enables set-top boxes or over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.