Zacks Research Upgrades Synaptics (NASDAQ:SYNA) to Strong-Buy

Key Points

• Zacks Research upgraded Synaptics to “strong buy” from “hold,” although the broader analyst consensus remains “hold” with an average price target of $123.91.
• Synaptics reported quarterly revenue of $308 million and EPS of $1.23, exceeding analyst estimates, while revenue increased 8.9% year over year.
• Shares opened at $104.83 after falling 5.2%; insiders sold 10,345 shares worth approximately $1.45 million over the past 90 days, while institutional investors own 99.43% of the stock.

Synaptics (NASDAQ:SYNA - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on the stock. Barclays reiterated an "equal weight" rating and issued a $135.00 price objective (up from $110.00) on shares of Synaptics in a report on Friday, June 26th. Wells Fargo & Company dropped their price target on shares of Synaptics from $160.00 to $140.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Susquehanna cut their price target on shares of Synaptics from $140.00 to $125.00 and set a "neutral" rating on the stock in a report on Tuesday, July 21st. Wall Street Zen raised shares of Synaptics from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Finally, Deutsche Bank Aktiengesellschaft downgraded Synaptics from a "buy" rating to a "hold" rating and set a $125.00 price objective for the company. in a report on Monday, June 29th. One 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 given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $123.91.

Synaptics Trading Down 5.2%

Shares of SYNA stock opened at $104.83 on Monday. The firm has a market capitalization of $4.10 billion, a P/E ratio of -8.29 and a beta of 1.99. Synaptics has a twelve month low of $58.28 and a twelve month high of $149.11. The company has a quick ratio of 0.90, a current ratio of 1.12 and a debt-to-equity ratio of 0.43. The stock's fifty day simple moving average is $119.53 and its 200 day simple moving average is $103.20.

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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $305.32 million. During the same quarter in the prior year, the firm earned $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 will post 1.98 EPS for the current fiscal year.

Insider Buying and Selling at Synaptics

In other news, insider Lisa Bodensteiner sold 334 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $138.28, for a total value of $46,185.52. Following the transaction, the insider owned 61,989 shares in the company, valued at approximately $8,571,838.92. The trade was a 0.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $141.17, for a total transaction of $1,246,954.61. Following the completion of the sale, the insider directly owned 12,421 shares in the company, valued at approximately $1,753,472.57. This represents a 41.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 10,345 shares of company stock valued at $1,453,745. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Synaptics

Institutional investors have recently bought and sold shares of the company. Mint Tower Capital Management B.V. acquired a new stake in Synaptics during the 2nd quarter worth about $709,000. Glenview Trust Co acquired a new position in shares of Synaptics in the 2nd quarter valued at about $2,085,000. Empowered Funds LLC bought a new stake in shares of Synaptics during the 2nd quarter valued at about $863,000. Glazer Capital LLC bought a new stake in shares of Synaptics during the 2nd quarter valued at about $10,597,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Synaptics during the second quarter worth approximately $73,000. Institutional investors own 99.43% of the company's stock.

About Synaptics

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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