Synaptics (NASDAQ:SYNA) Hits New 1-Year Low – Here’s What Happened

Synaptics Incorporated (NASDAQ:SYNA) hit a new 52-week low on Thursday . The stock traded as low as $66.76 and last traded at $67.40, with a volume of 66469 shares changing hands. The stock had previously closed at $68.03.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SYNA shares. Rosenblatt Securities reiterated a “buy” rating and set a $105.00 price objective on shares of Synaptics in a report on Thursday. Craig Hallum upgraded shares of Synaptics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 29th. Susquehanna upped their price objective on shares of Synaptics from $95.00 to $105.00 and gave the company a “positive” rating in a report on Wednesday, January 22nd. TD Cowen boosted their target price on shares of Synaptics from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Synaptics in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.88.

Synaptics Trading Up 1.3 %

The company has a quick ratio of 3.36, a current ratio of 3.88 and a debt-to-equity ratio of 0.60. The firm’s 50-day moving average price is $77.09 and its 200 day moving average price is $76.22. The company has a market capitalization of $2.59 billion, a P/E ratio of 15.64 and a beta of 1.45.

Insiders Place Their Bets

In other Synaptics news, insider Vikram Gupta sold 411 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $81.63, for a total value of $33,549.93. Following the completion of the sale, the insider now directly owns 40,795 shares of the company’s stock, valued at approximately $3,330,095.85. This represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ken Rizvi acquired 3,600 shares of Synaptics stock in a transaction on Monday, February 10th. The stock was purchased at an average cost of $69.15 per share, with a total value of $248,940.00. Following the completion of the transaction, the insider now directly owns 27,630 shares in the company, valued at $1,910,614.50. This represents a 14.98 % increase in their position. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in Synaptics by 189.7% in the third quarter. Barclays PLC now owns 81,330 shares of the software maker’s stock valued at $6,309,000 after acquiring an additional 53,252 shares during the last quarter. Algert Global LLC boosted its stake in Synaptics by 44.9% in the third quarter. Algert Global LLC now owns 50,797 shares of the software maker’s stock valued at $3,941,000 after acquiring an additional 15,750 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Synaptics by 111.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 79,777 shares of the software maker’s stock valued at $6,189,000 after buying an additional 42,101 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Synaptics by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 447,881 shares of the software maker’s stock valued at $34,747,000 after buying an additional 17,119 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in shares of Synaptics during the 3rd quarter valued at approximately $592,000. 99.43% of the stock is currently owned by hedge funds and other institutional investors.

Synaptics Company Profile

Synaptics Incorporated develops, markets, and sells semiconductor products 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, over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.