Needham & Company LLC Lowers Synaptics (NASDAQ:SYNA) Price Target to $90.00

Synaptics (NASDAQ:SYNA) had its price target lowered by Needham & Company LLC from $95.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target suggests a potential upside of 11.22% from the company’s current price.

A number of other equities research analysts also recently issued reports on SYNA. TD Cowen increased their price objective on Synaptics from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. Craig Hallum lowered their price target on Synaptics from $105.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on Synaptics from $120.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 9th. Susquehanna lowered their target price on shares of Synaptics from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $130.00 target price on shares of Synaptics in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.33.

Synaptics Trading Up 8.4 %

Shares of Synaptics stock opened at $80.92 on Friday. The company’s 50-day moving average price is $73.79 and its 200-day moving average price is $82.45. The company has a current ratio of 4.19, a quick ratio of 3.78 and a debt-to-equity ratio of 0.66. Synaptics has a 12-month low of $67.83 and a 12-month high of $121.37. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 20.49 and a beta of 1.47.

Synaptics (NASDAQ:SYNA) last posted its earnings results on Thursday, August 8th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.09. Synaptics had a net margin of 16.14% and a return on equity of 1.34%. The business had revenue of $247.40 million for the quarter, compared to analysts’ expectations of $245.17 million. During the same period in the prior year, the company posted $0.01 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities analysts expect that Synaptics will post 0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Vikram Gupta sold 2,731 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $80.00, for a total value of $218,480.00. Following the completion of the sale, the insider now owns 43,245 shares of the company’s stock, valued at approximately $3,459,600. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 5,609 shares of company stock valued at $448,720. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Synaptics

Several hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC grew its stake in shares of Synaptics by 27.0% during the third quarter. Intech Investment Management LLC now owns 27,689 shares of the software maker’s stock valued at $2,148,000 after buying an additional 5,883 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Synaptics by 232.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,406 shares of the software maker’s stock valued at $652,000 after acquiring an additional 5,880 shares during the period. Pier 88 Investment Partners LLC grew its position in Synaptics by 28.2% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 11,115 shares of the software maker’s stock worth $862,000 after acquiring an additional 2,445 shares during the last quarter. Victory Capital Management Inc. increased its stake in Synaptics by 5.8% in the 3rd quarter. Victory Capital Management Inc. now owns 577,523 shares of the software maker’s stock worth $44,804,000 after purchasing an additional 31,565 shares during the period. Finally, Aigen Investment Management LP bought a new stake in Synaptics in the third quarter valued at approximately $218,000. 99.43% of the stock is owned by institutional investors.

About Synaptics

Synaptics Incorporated develops, markets, and sells semiconductor products worldwide. The company offers AudioSmart for voice and audio processing; ConnectSmart for high-speed video/audio/data connectivity; DisplayLink for transmitting compressed video frames across low bandwidth connections; VideoSmart that enables set-top boxes, over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.