Needham & Company LLC Lowers Synaptics (NASDAQ:SYNA) Price Target to $110.00

Synaptics (NASDAQ:SYNA) had its price target cut by Needham & Company LLC from $125.00 to $110.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 20.01% from the company’s previous close.

A number of other brokerages have also recently weighed in on SYNA. StockNews.com upgraded shares of Synaptics from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. TD Cowen dropped their price target on shares of Synaptics from $135.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. Rosenblatt Securities increased their price objective on shares of Synaptics from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 9th. KeyCorp raised their price objective on shares of Synaptics from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Finally, Mizuho cut their target price on Synaptics from $127.00 to $124.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Synaptics presently has an average rating of “Moderate Buy” and a consensus target price of $118.78.

Synaptics Price Performance

Shares of NASDAQ SYNA opened at $91.66 on Friday. The company has a current ratio of 4.53, a quick ratio of 4.04 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -46.06 and a beta of 1.59. Synaptics has a twelve month low of $72.64 and a twelve month high of $121.37. The business has a 50 day simple moving average of $94.43 and a 200-day simple moving average of $100.75.

Synaptics (NASDAQ:SYNA) last posted its earnings results on Thursday, May 9th. The software maker reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. Synaptics had a positive return on equity of 3.01% and a negative net margin of 7.54%. The company had revenue of $237.30 million during the quarter, compared to analyst estimates of $235.17 million. During the same period in the prior year, the company earned $1.14 earnings per share. The business’s revenue was down 27.3% compared to the same quarter last year. As a group, equities research analysts expect that Synaptics will post -0.48 earnings per share for the current year.

Insider Transactions at Synaptics

In related news, insider Vikram Gupta sold 3,616 shares of Synaptics stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $105.75, for a total value of $382,392.00. Following the transaction, the insider now owns 31,847 shares of the company’s stock, valued at approximately $3,367,820.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Synaptics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Managed Asset Portfolios LLC lifted its holdings in shares of Synaptics by 98.5% in the first quarter. Managed Asset Portfolios LLC now owns 6,372 shares of the software maker’s stock valued at $622,000 after purchasing an additional 3,162 shares in the last quarter. ProShare Advisors LLC raised its position in Synaptics by 4.5% during the first quarter. ProShare Advisors LLC now owns 9,149 shares of the software maker’s stock valued at $893,000 after buying an additional 396 shares during the period. US Bancorp DE lifted its stake in Synaptics by 3.5% in the 1st quarter. US Bancorp DE now owns 3,603 shares of the software maker’s stock worth $352,000 after acquiring an additional 123 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Synaptics by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 48,665 shares of the software maker’s stock worth $4,748,000 after acquiring an additional 163 shares during the period. Finally, Swiss National Bank grew its stake in Synaptics by 0.5% during the 1st quarter. Swiss National Bank now owns 77,400 shares of the software maker’s stock valued at $7,551,000 after acquiring an additional 400 shares in the last quarter. Institutional investors and hedge funds own 99.43% of the company’s stock.

About Synaptics

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.