Synaptics (NASDAQ:SYNA) Trading Up 6.7% – Here’s Why

Synaptics Incorporated (NASDAQ:SYNA) shares shot up 6.7% on Friday . The company traded as high as $99.38 and last traded at $99.7110. Approximately 171,090 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 871,590 shares. The stock had previously closed at $93.47.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings lowered Synaptics from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Wells Fargo & Company dropped their price objective on Synaptics from $160.00 to $140.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Mizuho raised their price target on Synaptics from $128.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Rosenblatt Securities dropped their price target on Synaptics from $160.00 to $115.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Synaptics from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $123.91.

Synaptics Trading Up 8.1%

The business’s 50 day simple moving average is $107.23 and its two-hundred day simple moving average is $104.32. The stock has a market cap of $3.95 billion, a P/E ratio of -7.99 and a beta of 1.94. The company has a quick ratio of 0.90, a current ratio of 1.12 and a debt-to-equity ratio of 0.43.

Synaptics (NASDAQ:SYNA) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.02. Synaptics had a positive return on equity of 4.37% and a negative net margin of 41.00%.The company had revenue of $308.00 million during the quarter, compared to analysts’ expectations of $305.32 million. During the same period in the prior year, the company earned $1.01 EPS. Synaptics’s revenue was up 8.9% compared to the same quarter last year. As a group, analysts expect that Synaptics Incorporated will post 1.98 EPS for the current year.

Insider Buying and Selling at Synaptics

In other news, insider Lisa Bodensteiner sold 6,056 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $103.62, for a total value of $627,522.72. Following the completion of the transaction, the insider owned 78,634 shares of the company’s stock, valued at $8,148,055.08. This represents a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 Vikram Gupta sold 4,277 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $103.65, for a total transaction of $443,311.05. Following the completion of the transaction, the insider owned 103,468 shares of the company’s stock, valued at approximately $10,724,458.20. This trade represents a 3.97% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last three months, insiders sold 15,867 shares of company stock worth $1,624,996. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Synaptics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC bought a new position in shares of Synaptics during the second quarter valued at $711,000. Engineers Gate Manager LP grew its stake in shares of Synaptics by 65.8% in the second quarter. Engineers Gate Manager LP now owns 24,078 shares of the software maker’s stock worth $2,991,000 after purchasing an additional 9,553 shares during the last quarter. Corient Private Wealth LP acquired a new stake in Synaptics in the second quarter valued at $239,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Synaptics in the second quarter valued at $593,000. Finally, California State Teachers Retirement System increased its holdings in Synaptics by 11,977.6% in the second quarter. California State Teachers Retirement System now owns 5,530,471 shares of the software maker’s stock valued at $687,050,000 after purchasing an additional 5,484,680 shares during the period. 99.43% of the stock is currently owned by institutional investors and hedge funds.

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.