Synaptics (NASDAQ:SYNA) Price Target Raised to $123.00

Synaptics (NASDAQ:SYNA) had its price objective increased by Rosenblatt Securities from $115.00 to $123.00 in a research report released on Friday morning, Marketbeat reports. The brokerage currently has a neutral rating on the software maker’s stock.

A number of other brokerages also recently commented on SYNA. Susquehanna lowered their price objective on Synaptics from $140.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Northland Securities downgraded Synaptics from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 26th. Mizuho raised their price target on Synaptics from $128.00 to $170.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Zacks Research upgraded Synaptics from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, TD Cowen cut Synaptics from a “buy” rating to a “hold” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.09.

Synaptics Price Performance

Shares of NASDAQ SYNA opened at $121.10 on Friday. Synaptics has a 1 year low of $58.28 and a 1 year high of $149.11. The firm’s 50 day moving average price is $100.95 and its 200 day moving average price is $106.80. The firm 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 debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 1.12.

Synaptics (NASDAQ:SYNA) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $305.32 million. During the same period in the previous year, the firm posted $1.01 EPS. Synaptics’s revenue was up 8.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Synaptics will post 1.98 earnings per share for the current year.

Insider Transactions at Synaptics

In other Synaptics news, insider Esther Song sold 437 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $103.68, for a total transaction 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. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $94.49, for a total value of $404,133.73. Following the sale, the insider directly owned 99,191 shares of the company’s stock, valued at approximately $9,372,557.59. This trade represents a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,951 shares of company stock worth $1,612,862 in the last ninety days. Insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Synaptics

Large investors have recently modified their holdings of the company. Tidal Investments LLC acquired a new position in shares of Synaptics in the 2nd quarter valued at about $711,000. Engineers Gate Manager LP grew its holdings in shares of Synaptics by 65.8% during the 2nd 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 period. Corient Private Wealth LP acquired a new stake in Synaptics during the 2nd quarter worth approximately $239,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Synaptics during the 2nd quarter worth approximately $593,000. Finally, Syon Capital LLC purchased a new position in Synaptics in the second quarter valued at approximately $231,000. 99.43% of the stock is currently owned by hedge funds and other 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.