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

Synaptics (NASDAQ:SYNA) was downgraded by Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report issued on Friday, Zacks reports.

Other analysts have also recently issued research reports about the stock. Rosenblatt Securities boosted their target price on shares of Synaptics from $115.00 to $123.00 and gave the company a “neutral” rating in a report on Friday. Northland Securities lowered shares of Synaptics from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Barclays reissued an “equal weight” rating and set a $135.00 price target (up from $110.00) on shares of Synaptics in a research report on Friday, June 26th. Wall Street Zen raised shares of Synaptics from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Mizuho upped their price objective on shares of Synaptics from $128.00 to $170.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $123.09.

Synaptics Trading Up 14.1%

SYNA opened at $121.10 on Friday. 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 52 week low of $58.28 and a 52 week high of $149.11. The stock has a market cap of $4.81 billion, a PE ratio of -9.57 and a beta of 1.96. The business has a 50 day moving average of $100.95 and a 200-day moving average of $106.57.

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, topping the consensus estimate of $1.21 by $0.02. The company 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 firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 earnings per share. Equities research analysts predict that Synaptics will post 1.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Synaptics news, insider Lisa Bodensteiner sold 6,056 shares of Synaptics stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $103.62, for a total value of $627,522.72. Following the completion of the transaction, the insider directly owned 78,634 shares of the company’s stock, valued at approximately $8,148,055.08. The trade was a 7.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 Esther Song sold 437 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider owned 14,683 shares in the company, valued at approximately $1,522,333.44. This represents a 2.89% 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. 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 worth $1,612,862 in the last quarter. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Synaptics

Institutional investors and hedge funds have recently made changes to their positions in the company. William Blair Investment Management LLC purchased a new position in Synaptics in the 2nd quarter worth approximately $153,998,000. The Manufacturers Life Insurance Company purchased a new stake in Synaptics during the 2nd quarter valued at $133,656,000. Geode Capital Management LLC boosted its stake in Synaptics by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,000,456 shares of the software maker’s stock valued at $74,066,000 after purchasing an additional 17,088 shares during the last quarter. Trigran Investments Inc. increased its holdings in shares of Synaptics by 4.7% in the 4th quarter. Trigran Investments Inc. now owns 692,587 shares of the software maker’s stock worth $51,265,000 after purchasing an additional 31,150 shares in the last quarter. Finally, Primecap Management Co. CA bought a new stake in shares of Synaptics in the 2nd quarter worth $56,649,000. Institutional investors own 99.43% of the company’s stock.

Synaptics News Roundup

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

About Synaptics

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.