Bank of America Corp DE Takes $32.79 Million Position in Synaptics Incorporated $SYNA

Key Points

• Bank of America acquired 263,912 Synaptics shares worth approximately $32.8 million during the second quarter, giving it a 0.67% stake. Institutional investors collectively own 99.43% of the company.
• Analyst sentiment remains mixed: Synaptics has an average “Hold” rating and a consensus price target of $123.91, with recent downgrades from TD Cowen and Needham offset by Mizuho’s price-target increase to $170.
• Synaptics exceeded quarterly expectations, reporting $1.23 in EPS versus the $1.21 consensus and $308 million in revenue, up 8.9% year over year. The stock opened at $97.64, down from its 50-day and 200-day moving averages.

Bank of America Corp DE acquired a new position in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 263,912 shares of the software maker's stock, valued at approximately $32,786,000. Bank of America Corp DE owned approximately 0.67% of Synaptics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SYNA. Odyssean LLC bought a new position in shares of Synaptics in the second quarter valued at approximately $401,000. Jupiter Topco LLC purchased a new stake in Synaptics in the 2nd quarter worth approximately $2,022,000. Kintayl Capital LP purchased a new stake in Synaptics in the 2nd quarter worth approximately $5,511,000. ABS Investment Management LLC bought a new position in Synaptics in the 2nd quarter valued at $310,575,000. Finally, Expect Equity LLC purchased a new position in shares of Synaptics during the 2nd quarter valued at $2,194,000. Hedge funds and other institutional investors own 99.43% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SYNA shares. TD Cowen cut shares of Synaptics from a "buy" rating to a "hold" rating in a report on Friday, June 26th. Mizuho lifted their price objective on Synaptics from $128.00 to $170.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Susquehanna reduced their target price on Synaptics from $140.00 to $125.00 and set a "neutral" rating for the company in a research report on Tuesday, July 21st. Needham & Company LLC lowered Synaptics from a "buy" rating to a "hold" rating in a research note on Friday, June 26th. Finally, Weiss Ratings cut Synaptics from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Synaptics has an average rating of "Hold" and a consensus price target of $123.91.

Insider Buying and Selling

In other news, insider Lisa Bodensteiner sold 6,056 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $103.62, for a total value of $627,522.72. Following the completion of the sale, the insider 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 position. The transaction was disclosed in a legal filing with the SEC, 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 stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $103.68, for a total value of $45,308.16. Following the sale, the insider owned 14,683 shares of the company's stock, valued at $1,522,333.44. This represents a 2.89% 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 15,804 shares of company stock worth $1,598,162 in the last 90 days. 0.70% of the stock is owned by company insiders.

Synaptics Trading Up 2.4%

NASDAQ SYNA opened at $97.64 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.12 and a debt-to-equity ratio of 0.43. The stock's 50-day simple moving average is $103.10 and its two-hundred day simple moving average is $105.17. Synaptics Incorporated has a twelve month low of $58.28 and a twelve month high of $149.11. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -7.72 and a beta of 1.94.

Synaptics (NASDAQ:SYNA - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, topping the consensus estimate of $1.21 by $0.02. The firm had revenue of $308.00 million for the quarter, compared to the consensus estimate of $305.32 million. Synaptics had a negative net margin of 41.00% and a positive return on equity of 4.37%. The business's revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $1.01 earnings per share. Research analysts forecast that Synaptics Incorporated will post 1.98 EPS for the current fiscal year.

Synaptics Company Profile

Synaptics Incorporated NASDAQ: SYNA is a fabless semiconductor company that develops technologies for human-machine interaction, connectivity and edge computing. Its solutions are used in consumer electronics, automotive systems, enterprise equipment and other connected devices.

The company's products include touchpads, touchscreens, fingerprint sensors, display and video interface technologies, and related human-interface solutions. Synaptics also develops wireless connectivity products, including technologies supporting Wi-Fi, Bluetooth and other connected-device applications, as well as semiconductor platforms designed to enable edge artificial intelligence and the Internet of Things.

Founded in 1986 and headquartered in Santa Clara, California, Synaptics serves customers and original equipment manufacturers globally.

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