The Manufacturers Life Insurance Company Purchases Shares of 1,075,878 Synaptics Incorporated $SYNA

Key Points

• The Manufacturers Life Insurance Company acquired 1,075,878 Synaptics shares worth approximately $133.7 million, representing a 2.75% stake. Institutional investors collectively own 99.43% of the company.
• Synaptics reported quarterly EPS of $1.23, exceeding estimates of $1.21, while revenue rose 8.9% year over year to $308 million. Despite the earnings beat, the stock opened at $93.68, down 4.1%.
• Analysts have largely turned cautious, with Synaptics carrying a consensus “Hold” rating and an average price target of $123.91; several firms recently downgraded the stock or reduced their targets.

The Manufacturers Life Insurance Company acquired a new stake in Synaptics Incorporated (NASDAQ:SYNA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,075,878 shares of the software maker's stock, valued at approximately $133,656,000. The Manufacturers Life Insurance Company owned 2.75% of Synaptics as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new position in shares of Synaptics during the 2nd quarter valued at $153,998,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Synaptics by 469.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 814,684 shares of the software maker's stock worth $60,304,000 after acquiring an additional 671,647 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Synaptics during the second quarter valued at $47,394,000. AQR Capital Management LLC grew its stake in Synaptics by 186.2% in the second quarter. AQR Capital Management LLC now owns 443,441 shares of the software maker's stock valued at $28,744,000 after purchasing an additional 288,523 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Synaptics in the second quarter valued at about $35,039,000. Hedge funds and other institutional investors own 99.43% of the company's stock.

Synaptics Trading Down 4.1%

Shares of NASDAQ:SYNA opened at $93.68 on Tuesday. The company has a market cap of $3.66 billion, a P/E ratio of -7.41 and a beta of 1.99. The stock's 50-day moving average is $116.47 and its 200-day moving average is $103.57. Synaptics Incorporated has a 52-week low of $58.28 and a 52-week high of $149.11. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 1.12.

Synaptics (NASDAQ:SYNA - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $308.00 million during the quarter, compared to analysts' expectations of $305.32 million. Synaptics had a positive return on equity of 4.37% and a negative net margin of 41.00%.The firm's revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. Equities research analysts predict that Synaptics Incorporated will post 1.98 earnings per share for the current year.

Insider Transactions at Synaptics

In other news, insider Vikram Gupta sold 4,277 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $103.65, for a total value of $443,311.05. Following the sale, the insider owned 103,468 shares in the company, valued at approximately $10,724,458.20. This trade represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 Esther Song sold 8,833 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $141.17, for a total transaction of $1,246,954.61. Following the transaction, the insider directly owned 12,421 shares in the company, valued at $1,753,472.57. This trade represents a 41.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,423 shares of company stock worth $2,467,817 over the last three months. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on SYNA shares. Rosenblatt Securities dropped 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. Deutsche Bank Aktiengesellschaft downgraded shares of Synaptics from a "buy" rating to a "hold" rating and set a $125.00 price target on the stock. in a report on Monday, June 29th. Northland Securities lowered shares of Synaptics from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 26th. Wall Street Zen raised shares of Synaptics from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Finally, JPMorgan Chase & Co. raised their target price on Synaptics from $100.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Synaptics currently has an average rating of "Hold" and a consensus price target of $123.91.

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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