Bryce Point Capital LLC Invests $930,000 in Synaptics Incorporated (NASDAQ:SYNA)

Key Points

• Bryce Point Capital LLC acquired 13,571 shares of Synaptics Incorporated (NASDAQ: SYNA) in Q1, valued at approximately $930,000, which makes up 0.7% of their investment portfolio.
• Synaptics reported earnings per share of $0.90, beating analysts' estimates of $0.85, along with a 12.3% increase in quarterly revenue compared to the previous year.
• Needham & Company has initiated coverage on Synaptics with a "buy" rating and a price target of $80.00, while the average consensus target price is $93.75.

Bryce Point Capital LLC bought a new stake in Synaptics Incorporated (NASDAQ:SYNA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,571 shares of the software maker's stock, valued at approximately $930,000. Synaptics makes up 0.7% of Bryce Point Capital LLC's holdings, making the stock its 29th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in SYNA. Migdal Insurance & Financial Holdings Ltd. bought a new position in Synaptics during the first quarter worth $25,000. Parallel Advisors LLC boosted its position in shares of Synaptics by 151.1% in the first quarter. Parallel Advisors LLC now owns 447 shares of the software maker's stock valued at $28,000 after acquiring an additional 269 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of Synaptics in the fourth quarter valued at about $31,000. Menard Financial Group LLC bought a new stake in shares of Synaptics in the fourth quarter valued at about $37,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Synaptics in the fourth quarter valued at about $43,000. 99.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC assumed coverage on Synaptics in a research note on Friday, May 9th. They issued a "buy" rating and a $80.00 price target for the company. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $93.75.

Synaptics Trading Down 3.5%

SYNA stock traded down $2.30 during trading on Thursday, hitting $62.59. The company had a trading volume of 316,497 shares, compared to its average volume of 534,100. The business has a 50-day moving average of $64.60 and a 200-day moving average of $64.96. Synaptics Incorporated has a one year low of $41.80 and a one year high of $89.81. The stock has a market cap of $2.41 billion, a PE ratio of 15.15 and a beta of 1.70. The company has a current ratio of 2.88, a quick ratio of 2.34 and a debt-to-equity ratio of 0.60.

Synaptics (NASDAQ:SYNA - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.85 by $0.05. The business had revenue of $266.60 million for the quarter, compared to analysts' expectations of $265.03 million. Synaptics had a return on equity of 3.16% and a net margin of 15.90%. The firm's revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. Research analysts predict that Synaptics Incorporated will post 0.96 earnings per share for the current fiscal year.

Synaptics Profile

Synaptics Incorporated develops, markets, and sells semiconductor products worldwide. The company offers AudioSmart for voice and audio processing; ConnectSmart for high-speed video/audio/data connectivity; DisplayLink for transmitting compressed video frames across low bandwidth connections; VideoSmart that enables set-top boxes, over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.