Headlands Technologies LLC Reduces Position in Synaptics Incorporated (NASDAQ:SYNA)

Headlands Technologies LLC decreased its holdings in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) by 61.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,651 shares of the software maker's stock after selling 4,241 shares during the period. Headlands Technologies LLC's holdings in Synaptics were worth $169,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of brokerages have weighed in on SYNA. Wall Street Zen raised shares of Synaptics from a "hold" rating to a "buy" rating in a research note on Saturday. Needham & Company LLC assumed coverage on shares of Synaptics in a research report on Friday, May 9th. They set a "buy" rating and a $80.00 price target for the company. One 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. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $94.00.

Synaptics Stock Performance

NASDAQ:SYNA traded up $3.37 during trading hours on Tuesday, reaching $67.49. The company had a trading volume of 686,662 shares, compared to its average volume of 461,407. The company has a current ratio of 2.78, a quick ratio of 2.26 and a debt-to-equity ratio of 0.60. Synaptics Incorporated has a 52 week low of $41.80 and a 52 week high of $89.81. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -55.78 and a beta of 1.61. The firm's 50 day moving average price is $65.16 and its 200-day moving average price is $63.64.

Synaptics (NASDAQ:SYNA - Get Free Report) last posted its earnings results on Thursday, August 7th. The software maker reported $1.01 EPS for the quarter, topping 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 business had revenue of $282.80 million during the quarter, compared to the consensus estimate of $280.12 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm's revenue was up 14.3% on a year-over-year basis. On average, analysts forecast that Synaptics Incorporated will post 0.96 EPS for the current year.

Synaptics declared that its Board of Directors has authorized a stock buyback program on Thursday, August 7th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

About Synaptics

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.