Glazer Capital LLC Acquires Shares of 85,300 Synaptics Incorporated $SYNA

Key Points

• Glazer Capital acquired 85,300 Synaptics shares worth approximately $10.6 million, representing about 0.22% of the company. Institutional investors collectively own 99.43% of Synaptics.
• Synaptics exceeded quarterly expectations, reporting $1.23 in adjusted EPS and $308 million in revenue, with sales up 8.9% year over year.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $123.91, while the stock recently traded at $97.59.

Glazer Capital LLC acquired a new position in Synaptics Incorporated (NASDAQ:SYNA - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 85,300 shares of the software maker's stock, valued at approximately $10,597,000. Glazer Capital LLC owned approximately 0.22% of Synaptics as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Louisiana State Employees Retirement System purchased a new position in Synaptics in the first quarter worth about $784,000. Intech Investment Management LLC increased its stake in Synaptics by 186.4% during the fourth quarter. Intech Investment Management LLC now owns 70,287 shares of the software maker's stock worth $5,203,000 after acquiring an additional 45,746 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in Synaptics during the second quarter worth approximately $1,428,000. Geode Capital Management LLC raised its position in Synaptics by 1.7% during the fourth 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 period. Finally, Trigran Investments Inc. raised its position in Synaptics by 4.7% during the fourth quarter. Trigran Investments Inc. now owns 692,587 shares of the software maker's stock valued at $51,265,000 after purchasing an additional 31,150 shares during the period. 99.43% of the stock is currently owned by institutional investors.

Synaptics Stock Up 2.0%

Shares of NASDAQ SYNA opened at $97.59 on Friday. Synaptics Incorporated has a 1 year low of $58.28 and a 1 year high of $149.11. The firm has a 50-day simple moving average of $114.05 and a two-hundred day simple moving average of $103.74. The company has a market cap of $3.82 billion, a P/E ratio of -7.71 and a beta of 1.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.90.

Synaptics (NASDAQ:SYNA - Get Free Report) last released its 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. Synaptics had a positive return on equity of 4.37% and a negative net margin of 41.00%.The firm had revenue of $308.00 million for the quarter, compared to analysts' expectations of $305.32 million. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The company's quarterly revenue was up 8.9% on a year-over-year basis. Research analysts anticipate that Synaptics Incorporated will post 1.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SYNA. Craig Hallum set a $105.00 target price on Synaptics in a report on Friday, August 7th. Wall Street Zen upgraded Synaptics from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Rosenblatt Securities lowered their price target on Synaptics from $160.00 to $115.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft downgraded Synaptics from a "buy" rating to a "hold" rating and set a $125.00 price target for the company. in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Synaptics from $100.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $123.91.

Insider Transactions at Synaptics

In other news, insider Esther Song sold 437 shares of the stock in a transaction 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 sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 Vikram Gupta sold 4,277 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $103.65, for a total value of $443,311.05. Following the completion of the sale, the insider directly owned 103,468 shares of the company's stock, valued at $10,724,458.20. The trade was a 3.97% decrease in their position. 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. Over the last three months, insiders have sold 15,867 shares of company stock valued at $1,624,996. Corporate insiders own 0.50% of the company's stock.

Synaptics Company Profile

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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