Synaptics Incorporated $SYNA Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Synaptics stake by acquiring 5.48 million shares in the second quarter, bringing its holdings to 5.53 million shares, or 14.14% of the company.
• Synaptics reported quarterly revenue of $308 million, up 8.9% year over year, while adjusted earnings of $1.23 per share exceeded analyst expectations of $1.21.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating with an average price target of $123.91, compared with a recent share price of $101.03.

California State Teachers Retirement System grew its holdings in Synaptics Incorporated (NASDAQ:SYNA - Free Report) by 11,977.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,530,471 shares of the software maker's stock after acquiring an additional 5,484,680 shares during the quarter. California State Teachers Retirement System owned 14.14% of Synaptics worth $687,050,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. ABS Investment Management LLC purchased a new stake in shares of Synaptics during the second quarter valued at $310,575,000. CoreCap Advisors LLC purchased a new position in Synaptics in the 2nd quarter worth $25,000. Allworth Financial LP acquired a new stake in Synaptics during the 2nd quarter worth about $33,000. CIBC Private Wealth Group LLC lifted its position in Synaptics by 119.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 349 shares of the software maker's stock worth $26,000 after acquiring an additional 190 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in Synaptics during the 2nd quarter valued at about $61,000. Hedge funds and other institutional investors own 99.43% of the company's stock.

Synaptics Price Performance

Shares of NASDAQ SYNA opened at $101.03 on Monday. Synaptics Incorporated has a 12-month low of $58.28 and a 12-month high of $149.11. The stock has a market cap of $3.95 billion, a PE ratio of -7.99 and a beta of 1.94. The company has a current ratio of 1.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average of $107.23 and a 200 day moving average of $104.48.

Synaptics (NASDAQ:SYNA - Get Free Report) last issued its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $308.00 million for the quarter, compared to analysts' expectations of $305.32 million. During the same period in the previous year, the firm posted $1.01 EPS. The business's revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, sell-side analysts predict that Synaptics Incorporated will post 1.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Vikram Gupta sold 4,277 shares of Synaptics 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 approximately $10,724,458.20. The trade was a 3.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 Esther Song sold 437 shares of Synaptics stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $103.68, for a total value of $45,308.16. Following the completion of the transaction, the insider directly owned 14,683 shares of the company's stock, valued at approximately $1,522,333.44. This represents a 2.89% 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. In the last quarter, insiders sold 15,867 shares of company stock valued at $1,624,996. Company insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. TD Cowen lowered Synaptics from a "buy" rating to a "hold" rating in a research note on Friday, June 26th. Barclays restated an "equal weight" rating and issued a $135.00 target price (up from $110.00) on shares of Synaptics in a research note on Friday, June 26th. Wall Street Zen raised Synaptics from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Zacks Research upgraded Synaptics from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company decreased their price target on Synaptics from $160.00 to $140.00 and set an "overweight" rating for the company in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $123.91.

About Synaptics

Synaptics Incorporated NASDAQ: SYNA is a fabless semiconductor company that develops technologies for human-machine interaction, connectivity and edge computing. Its solutions are used in consumer electronics, automotive systems, enterprise equipment and other connected devices.

The company's products include touchpads, touchscreens, fingerprint sensors, display and video interface technologies, and related human-interface solutions. Synaptics also develops wireless connectivity products, including technologies supporting Wi-Fi, Bluetooth and other connected-device applications, as well as semiconductor platforms designed to enable edge artificial intelligence and the Internet of Things.

Founded in 1986 and headquartered in Santa Clara, California, Synaptics serves customers and original equipment manufacturers globally.

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