Connor Clark & Lunn Investment Management Ltd. Acquires 44,315 Shares of Synaptics Incorporated (NASDAQ:SYNA)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) by 369.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,298 shares of the software maker's stock after acquiring an additional 44,315 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Synaptics worth $3,587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Synaptics in the 1st quarter worth about $25,000. Parallel Advisors LLC grew its position in Synaptics by 151.1% in the 1st quarter. Parallel Advisors LLC now owns 447 shares of the software maker's stock worth $28,000 after purchasing an additional 269 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Synaptics in the first quarter valued at approximately $35,000. Menard Financial Group LLC bought a new position in shares of Synaptics in the fourth quarter valued at approximately $37,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Synaptics by 32.5% in the first quarter. PNC Financial Services Group Inc. now owns 1,016 shares of the software maker's stock valued at $65,000 after acquiring an additional 249 shares in the last quarter. Institutional investors and hedge funds own 99.43% of the company's stock.

Synaptics Trading Down 1.8%

Shares of NASDAQ:SYNA traded down $1.23 during trading on Friday, hitting $66.80. 409,814 shares of the company's stock were exchanged, compared to its average volume of 481,030. Synaptics Incorporated has a 1-year low of $41.80 and a 1-year high of $89.81. The firm has a 50-day moving average price of $65.49 and a two-hundred day moving average price of $63.31. The company has a current ratio of 2.78, a quick ratio of 2.26 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.57 billion, a P/E ratio of -55.21 and a beta of 1.61.

Synaptics (NASDAQ:SYNA - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.01. Synaptics had a negative net margin of 4.45% and a positive return on equity of 4.32%. The firm had revenue of $282.80 million for the quarter, compared to analyst estimates of $280.12 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The business's revenue was up 14.3% on a year-over-year basis. Equities analysts predict that Synaptics Incorporated will post 0.96 earnings per share for the current year.

Synaptics declared that its board has approved a stock buyback plan on Thursday, August 7th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on SYNA. Needham & Company LLC started coverage on shares of Synaptics in a research note on Friday, May 9th. They set a "buy" rating and a $80.00 target price for the company. Wall Street Zen upgraded shares of Synaptics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $94.00.

Synaptics Company 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.