Synaptics (NASDAQ:SYNA) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Synaptics shares crossed above their 200-day moving average, reaching $117.85 and last trading at $117.04, compared with a 200-day average of $111.34.
• Analyst sentiment remains cautious: the consensus rating is “Hold” with an average price target of $123.09, despite targets ranging from $123 to $170.
• The company beat quarterly expectations, reporting $1.23 in earnings per share and $308 million in revenue, up 8.9% year over year; institutional investors own 99.43% of the stock.

Synaptics Incorporated (NASDAQ:SYNA - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $111.34 and traded as high as $117.85. Synaptics shares last traded at $117.04, with a volume of 1,105,968 shares changing hands.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays restated an "equal weight" rating and set a $135.00 price objective (up from $110.00) on shares of Synaptics in a research note on Friday, June 26th. Rosenblatt Securities boosted their target price on shares of Synaptics from $115.00 to $123.00 and gave the stock a "neutral" rating in a research report on Friday, October 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Synaptics from a "buy" rating to a "hold" rating and set a $125.00 target price for the company. in a research note on Monday, June 29th. Mizuho upped their price objective on shares of Synaptics from $128.00 to $170.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Finally, TD Cowen downgraded Synaptics from a "buy" rating to a "hold" rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $123.09.

Synaptics Stock Performance

The stock's 50-day moving average price is $104.16 and its 200-day moving average price is $111.34. 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 market capitalization of $4.65 billion, a P/E ratio of -9.25 and a beta of 1.96.

Synaptics (NASDAQ:SYNA - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.02. The business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $305.32 million. Synaptics had a negative net margin of 41.00% and a positive return on equity of 4.37%. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. As a group, equities analysts expect that Synaptics Incorporated will post 1.98 EPS for the current year.

Insider Buying and Selling

In other 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 transaction of $45,308.16. Following the completion of the transaction, the insider owned 14,683 shares of the company's stock, valued at approximately $1,522,333.44. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 18th. The stock was sold at an average price of $103.65, for a total transaction of $443,311.05. Following the completion of the sale, the insider directly owned 103,468 shares in the company, valued at approximately $10,724,458.20. This trade represents 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. Insiders sold a total of 15,951 shares of company stock worth $1,612,862 in the last three months. 0.70% of the stock is owned by insiders.

Institutional Trading of Synaptics

Several hedge funds have recently added to or reduced their stakes in the business. ABS Investment Management LLC acquired a new position in Synaptics during the 2nd quarter worth $310,575,000. CoreCap Advisors LLC bought a new position in shares of Synaptics in the second quarter worth $25,000. Allworth Financial LP acquired a new position in shares of Synaptics during the second quarter valued at $33,000. Global Retirement Partners LLC acquired a new position in shares of Synaptics during the second quarter valued at $61,000. Finally, State of Wyoming acquired a new position in shares of Synaptics during the second quarter valued at $65,000. Institutional investors own 99.43% of the company's stock.

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 designed to help people interact with electronic devices and enable connected products to process data closer to where it is generated.

The company's product portfolio includes touch and gesture controllers, touchpads, touchscreen and display technologies, fingerprint sensors, wireless connectivity solutions, video and audio products, and system-on-chip platforms.

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