Synaptics (NASDAQ:SYNA) Cut to Hold at Wells Fargo & Company

Wells Fargo & Company lowered shares of Synaptics (NASDAQ:SYNA) from a strong-buy rating to a hold rating in a research note released on Friday morning,Zacks reports.

A number of other equities research analysts also recently weighed in on the stock. Needham & Company LLC downgraded shares of Synaptics from a “buy” rating to a “hold” rating in a research note on Friday, June 26th. Zacks Research raised shares of Synaptics from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Deutsche Bank Aktiengesellschaft downgraded shares of Synaptics from a “buy” rating to a “hold” rating and set a $125.00 price target for the company. in a report on Monday, June 29th. Barclays reissued an “equal weight” rating and set a $135.00 price objective (up from $110.00) on shares of Synaptics in a report on Friday, June 26th. Finally, Rosenblatt Securities upped their target price on Synaptics from $115.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $123.09.

Synaptics Price Performance

Shares of SYNA stock opened at $121.10 on Friday. The business has a fifty day simple moving average of $100.95 and a 200 day simple moving average of $106.80. The company has a market cap of $4.81 billion, a P/E ratio of -9.57 and a beta of 1.96. 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 has a twelve month low of $58.28 and a twelve month high of $149.11.

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 analysts’ consensus estimates of $1.21 by $0.02. The firm had revenue of $308.00 million for the quarter, compared to analysts’ expectations of $305.32 million. Synaptics had a positive return on equity of 4.37% and a negative net margin of 41.00%.The business’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 posted $1.01 earnings per share. On average, sell-side analysts forecast that Synaptics will post 1.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Vikram Gupta sold 4,277 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $94.49, for a total value of $404,133.73. Following the completion of the sale, the insider directly owned 99,191 shares in the company, valued at $9,372,557.59. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lisa Bodensteiner sold 334 shares of Synaptics stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $92.63, for a total value of $30,938.42. Following the transaction, the insider directly owned 77,518 shares in the company, valued at $7,180,492.34. The trade was a 0.43% decrease in their ownership of the stock. 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. Insiders have sold a total of 15,951 shares of company stock valued at $1,612,862 over the last 90 days. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Synaptics

A number of hedge funds have recently made changes to their positions in SYNA. CoreCap Advisors LLC acquired a new stake in Synaptics during the 2nd quarter valued at approximately $25,000. Allworth Financial LP bought a new position in Synaptics during the 2nd quarter worth approximately $33,000. Global Retirement Partners LLC acquired a new position in shares of Synaptics in the 2nd quarter worth approximately $61,000. State of Wyoming acquired a new position in shares of Synaptics in the 2nd quarter worth approximately $65,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Synaptics in the 2nd quarter valued at $73,000. 99.43% of the stock is currently owned by institutional investors.

Synaptics News Summary

Here are the key news stories impacting Synaptics this week:

• Positive Sentiment: The all-cash structure provides Synaptics shareholders with greater value certainty and eliminates the dilution risk associated with receiving onsemi stock. The revised agreement followed an unsolicited competing proposal for Synaptics. onsemi And Synaptics Revise Merger Agreement To $5.7 Billion
• Positive Sentiment: Bank of America said the revised transaction could provide a larger earnings benefit than initially expected because the cash structure removes share dilution. Analysts also cited about $200 million in targeted synergies and potential expansion into a roughly $30 billion total addressable market. ON Semiconductor’s revised Synaptics deal improves earnings outlook, says BofA
• Positive Sentiment: The takeover offer gives Synaptics investors a premium and a clearer exit value, driving strong buying interest and unusually heavy trading volume. Rosenblatt Securities raised its price target to $123, matching the cash offer. Synaptics Stock Rises After onsemi Revises Deal to $123 Per Share

Synaptics Company Profile

Synaptics Incorporated (NASDAQ: SYNA) is a fabless semiconductor company that develops technologies enabling people to interact with digital devices. Its products combine sensing, processing, connectivity and artificial intelligence capabilities for consumer electronics, automotive systems and Internet of Things applications.

The company’s portfolio includes touch and display controllers, touchpads, fingerprint sensors, audio and voice-processing solutions, wireless connectivity products, and video and vision processors.