Synaptics (NASDAQ:SYNA) Stock Bumped Down to Equal Weight by Wells Fargo & Company

Synaptics (NASDAQ:SYNA) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Friday, Marketbeat.com reports. They presently have a $123.00 target price on the software maker’s stock, down from their previous target price of $140.00. Wells Fargo & Company‘s price target indicates a potential upside of 2.73% from the stock’s current price.

Several other analysts have also recently commented on SYNA. Rosenblatt Securities raised their target price on Synaptics from $115.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday. Northland Securities cut shares of Synaptics from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Needham & Company LLC downgraded shares of Synaptics from a “buy” rating to a “hold” rating in a report on Friday, June 26th. Weiss Ratings lowered shares of Synaptics from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, Craig Hallum set a $105.00 target price on shares of Synaptics in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.09.

Synaptics Stock Performance

NASDAQ:SYNA traded down $1.36 during mid-day trading on Friday, hitting $119.73. The stock had a trading volume of 1,121,765 shares, compared to its average volume of 888,611. The company has a current ratio of 1.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a 50 day simple moving average of $100.95 and a 200-day simple moving average of $106.80. The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of -9.47 and a beta of 1.96. Synaptics has a 52 week low of $58.28 and a 52 week high of $149.11.

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

Insider Activity at Synaptics

In related news, insider Vikram Gupta sold 4,277 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $94.49, for a total value of $404,133.73. Following the completion of the transaction, the insider 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lisa Bodensteiner sold 334 shares of the company’s stock in a transaction on Friday, September 18th. The shares were 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. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders sold 15,951 shares of company stock worth $1,612,862. 0.70% of the stock is owned by corporate insiders.

Institutional Trading of Synaptics

Several institutional investors have recently made changes to their positions in SYNA. Tidal Investments LLC acquired a new position in Synaptics in the 2nd quarter worth about $711,000. Engineers Gate Manager LP lifted 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 valued at $2,991,000 after buying an additional 9,553 shares during the last quarter. Corient Private Wealth LP acquired a new stake in shares of Synaptics during the 2nd quarter valued at about $239,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Synaptics in the second quarter worth approximately $593,000. Finally, Syon Capital LLC bought a new position in Synaptics during the second quarter valued at approximately $231,000. 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 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.