Bank of New York Mellon Corp Purchases Shares of 282,048 Synaptics Incorporated $SYNA

Key Points

• Bank of New York Mellon acquired 282,048 Synaptics shares worth approximately $35.0 million, giving it a 0.73% stake. Institutional investors collectively own 99.43% of the company.
• Synaptics exceeded quarterly expectations, reporting $1.23 in adjusted EPS and $308 million in revenue, with sales up 8.9% year over year.
• Analysts remain mixed, with a consensus “Hold” rating and a $123.91 price target; recent targets range from $105 to $140, while insiders have sold shares primarily to cover taxes on vested equity awards.

Bank of New York Mellon Corp acquired a new stake in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 282,048 shares of the software maker's stock, valued at approximately $35,039,000. Bank of New York Mellon Corp owned 0.73% of Synaptics as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SYNA. Louisiana State Employees Retirement System bought a new stake in shares of Synaptics during the first quarter worth approximately $784,000. Intech Investment Management LLC boosted its stake in Synaptics by 186.4% in the fourth quarter. Intech Investment Management LLC now owns 70,287 shares of the software maker's stock valued at $5,203,000 after acquiring an additional 45,746 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Synaptics in the second quarter valued at approximately $1,428,000. Geode Capital Management LLC grew its holdings 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 worth $74,066,000 after acquiring an additional 17,088 shares during the period. Finally, Trigran Investments Inc. grew its holdings in Synaptics by 4.7% during the 4th quarter. Trigran Investments Inc. now owns 692,587 shares of the software maker's stock worth $51,265,000 after acquiring an additional 31,150 shares during the period. 99.43% of the stock is owned by hedge funds and other institutional investors.

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 shares were sold at an average price of $103.68, for a total transaction of $45,308.16. Following the sale, the insider directly owned 14,683 shares of the company's stock, valued at $1,522,333.44. The trade was a 2.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 Lisa Bodensteiner sold 6,056 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $103.62, for a total transaction of $627,522.72. Following the transaction, the insider owned 78,634 shares of the company's stock, valued at approximately $8,148,055.08. This represents a 7.15% 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. Insiders have sold a total of 15,867 shares of company stock valued at $1,624,996 over the last 90 days. 0.50% of the stock is owned by corporate insiders.

Synaptics Price Performance

Shares of NASDAQ SYNA opened at $95.08 on Friday. The company has a fifty day moving average price of $113.13 and a 200 day moving average price of $103.68. The firm has a market cap of $3.72 billion, a PE ratio of -7.52 and a beta of 1.99. The company has a current ratio of 1.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Synaptics Incorporated has a 1-year low of $58.28 and a 1-year high of $149.11.

Synaptics (NASDAQ:SYNA - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating analysts' consensus estimates 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 positive return on equity of 4.37% and a negative net margin of 41.00%.The company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. Research analysts predict that Synaptics Incorporated will post 1.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Synaptics from $100.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Craig Hallum set a $105.00 target price on Synaptics in a report on Friday, August 7th. Wells Fargo & Company decreased their target price on Synaptics from $160.00 to $140.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. TD Cowen cut Synaptics from a "buy" rating to a "hold" rating in a research note on Friday, June 26th. Finally, Zacks Research upgraded shares of Synaptics from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Synaptics currently has an average rating of "Hold" and a consensus price target of $123.91.

About Synaptics

Synaptics Incorporated is a global developer and supplier of human interface solutions for computing, networking, communications, and entertainment devices. The company specializes in the design, development and integration of custom chips and software that enable intuitive, natural user interactions. Synaptics solutions support touch, display, audio and biometrics functions, facilitating seamless human-to-machine interfaces across a broad range of end markets.

Key product offerings include touch controllers for laptops and tablets, capacitive touchscreens and display drivers for mobile devices, fingerprint sensors and secure authentication modules, as well as advanced audio processing and voice enhancement technologies.

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