Synaptics (NASDAQ:SYNA) Shares Up 7.6% – Here’s Why

Synaptics Incorporated (NASDAQ:SYNA)’s share price was up 7.6% on Wednesday . The stock traded as high as $87.30 and last traded at $86.63. Approximately 120,142 shares were traded during trading, a decline of 76% from the average daily volume of 491,080 shares. The stock had previously closed at $80.53.

Analysts Set New Price Targets

Several research analysts recently commented on SYNA shares. Needham & Company LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Synaptics in a research note on Wednesday. KeyCorp lowered Synaptics from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. TD Cowen raised their price target on shares of Synaptics from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Rosenblatt Securities reduced their price objective on shares of Synaptics from $130.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Susquehanna boosted their target price on shares of Synaptics from $95.00 to $105.00 and gave the stock a “positive” rating in a research report on Wednesday, January 22nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.44.

Synaptics Price Performance

The company has a debt-to-equity ratio of 0.66, a current ratio of 4.49 and a quick ratio of 4.02. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 22.30 and a beta of 1.44. The company has a 50-day simple moving average of $79.37 and a two-hundred day simple moving average of $77.72.

Insiders Place Their Bets

In related news, insider Vikram Gupta sold 411 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $81.63, for a total value of $33,549.93. Following the completion of the sale, the insider now owns 40,795 shares of the company’s stock, valued at $3,330,095.85. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is owned by insiders.

Institutional Trading of Synaptics

Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in Synaptics by 5.8% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Synaptics by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 447,881 shares of the software maker’s stock worth $34,747,000 after buying an additional 17,119 shares in the last quarter. Emerald Advisers LLC lifted its holdings in shares of Synaptics by 2.5% in the third quarter. Emerald Advisers LLC now owns 207,287 shares of the software maker’s stock valued at $16,081,000 after buying an additional 5,004 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Synaptics by 8.0% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 192,003 shares of the software maker’s stock valued at $14,896,000 after buying an additional 14,181 shares in the last quarter. Finally, Barclays PLC boosted its stake in Synaptics by 189.7% during the third quarter. Barclays PLC now owns 81,330 shares of the software maker’s stock valued at $6,309,000 after buying an additional 53,252 shares in the last quarter. 99.43% of the stock is owned by institutional investors and hedge funds.

Synaptics Company Profile

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.