California State Teachers Retirement System Lowers Stock Holdings in Synaptics Incorporated $SYNA

Key Points

• California State Teachers Retirement System reduced its Synaptics stake by 2.8% in the second quarter, selling 1,273 shares and retaining 44,518 shares worth approximately $5.5 million. Institutional investors collectively own 99.43% of the company.
• Synaptics exceeded quarterly expectations, reporting adjusted EPS of $1.23 versus a $1.21 consensus estimate and revenue of $308 million, up 8.9% year over year.
• Analyst sentiment remains cautious: the stock carries a consensus “Hold” rating with an average price target of $123.91, while recent targets ranged from $105 to $140.

California State Teachers Retirement System lessened its holdings in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) by 2.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,518 shares of the software maker's stock after selling 1,273 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Synaptics worth $5,530,471 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SYNA. State of Michigan Retirement System raised its stake in shares of Synaptics by 1.1% during the first quarter. State of Michigan Retirement System now owns 9,333 shares of the software maker's stock valued at $654,000 after purchasing an additional 100 shares during the period. ABS Investment Management LLC acquired a new stake in shares of Synaptics in the second quarter valued at approximately $310,575,000. Northwestern Mutual Investment Management Company LLC raised its stake in Synaptics by 1.5% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 8,724 shares of the software maker's stock worth $646,000 after buying an additional 132 shares during the period. CoreCap Advisors LLC acquired a new position in shares of Synaptics during the 2nd quarter worth approximately $25,000. Finally, Allworth Financial LP acquired a new stake in Synaptics during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 99.43% of the company's stock.

Insider Transactions at Synaptics

In related news, insider Esther Song sold 437 shares of the business's stock in a transaction on 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 in the company, valued at $1,522,333.44. The trade was a 2.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $94.49, for a total transaction of $404,133.73. Following the sale, the insider directly owned 99,191 shares in the company, valued at $9,372,557.59. This represents a 4.13% 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. Insiders sold 15,867 shares of company stock valued at $1,624,996 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Synaptics Price Performance

Synaptics stock traded up $3.50 during midday trading on Tuesday, reaching $98.56. The company's stock had a trading volume of 268,809 shares, compared to its average volume of 867,314. Synaptics Incorporated has a 52 week low of $58.28 and a 52 week high of $149.11. 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 business has a 50-day moving average price of $106.65 and a 200-day moving average price of $104.58. The stock has a market cap of $3.85 billion, a PE ratio of -7.80 and a beta of 1.94.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on SYNA. Craig Hallum set a $105.00 price target on Synaptics in a report on Friday, August 7th. Barclays reissued an "equal weight" rating and set a $135.00 target price (up from $110.00) on shares of Synaptics in a research report on Friday, June 26th. Rosenblatt Securities decreased their price objective on Synaptics from $160.00 to $115.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. Wells Fargo & Company lowered their target price on Synaptics from $160.00 to $140.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Finally, Northland Securities cut shares of Synaptics from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $123.91.

Synaptics Profile

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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