Synaptics (NASDAQ:SYNA) Shares Down 8.7% – What’s Next?

Synaptics Incorporated (NASDAQ:SYNA) shares were down 8.7% on Wednesday . The company traded as low as $89.91 and last traded at $88.8340. 371,247 shares traded hands during trading, a decline of 57% from the average session volume of 865,932 shares. The stock had previously closed at $97.32.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays reaffirmed an “equal weight” rating and set a $135.00 price target (up from $110.00) on shares of Synaptics in a research note on Friday, June 26th. TD Cowen downgraded Synaptics from a “buy” rating to a “hold” rating in a report on Friday, June 26th. Northland Securities downgraded Synaptics from a “strong-buy” rating to a “hold” rating in a report on Friday, June 26th. Craig Hallum set a $105.00 target price on Synaptics in a report on Friday, August 7th. Finally, Wall Street Zen raised Synaptics from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Synaptics presently has an average rating of “Hold” and a consensus price target of $123.91.

Synaptics Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.90. The company’s 50-day moving average price is $104.76 and its two-hundred day moving average price is $104.81. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -7.20 and a beta of 1.94.

Synaptics (NASDAQ:SYNA) last released its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.02. The business had revenue of $308.00 million for the quarter, compared to analyst estimates of $305.32 million. Synaptics had a negative net margin of 41.00% and a positive return on equity of 4.37%. Synaptics’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. On average, equities research analysts anticipate that Synaptics Incorporated will post 1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Synaptics news, insider Lisa Bodensteiner sold 6,056 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $103.62, for a total value of $627,522.72. Following the completion of the sale, the insider directly owned 78,634 shares in the company, valued at approximately $8,148,055.08. This trade represents a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Esther Song sold 437 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $103.68, for a total value of $45,308.16. Following the completion of the sale, the insider owned 14,683 shares of the company’s stock, valued at approximately $1,522,333.44. This represents a 2.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,407 shares of company stock worth $1,561,388. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Synaptics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC bought a new stake in shares of Synaptics during the 2nd quarter worth $25,000. Allworth Financial LP purchased a new position in Synaptics in the second quarter valued at approximately $33,000. Leonteq Securities AG bought a new position in Synaptics during the fourth quarter valued at $43,000. Global Retirement Partners LLC purchased a new stake in Synaptics in the second quarter worth $61,000. Finally, State of Wyoming purchased a new stake in Synaptics in the second quarter worth $65,000. 99.43% of the stock is owned by institutional investors.

Synaptics Company Profile

Synaptics Incorporated (NASDAQ: SYNA) is a fabless semiconductor company that develops technologies for human-machine interaction, connectivity and edge computing. Its solutions are used in consumer electronics, automotive systems, enterprise equipment and other connected devices.

The company’s products include touchpads, touchscreens, fingerprint sensors, display and video interface technologies, and related human-interface solutions. Synaptics also develops wireless connectivity products, including technologies supporting Wi-Fi, Bluetooth and other connected-device applications, as well as semiconductor platforms designed to enable edge artificial intelligence and the Internet of Things.

Founded in 1986 and headquartered in Santa Clara, California, Synaptics serves customers and original equipment manufacturers globally.