Synaptics (NASDAQ:SYNA) Downgraded by Wells Fargo & Company to Hold

Wells Fargo & Company cut shares of Synaptics (NASDAQ:SYNA) from a strong-buy rating to a hold rating in a research note issued to investors on Friday morning,Zacks reports.

A number of other brokerages also recently issued reports on SYNA. Susquehanna dropped their price target on shares of Synaptics from $140.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Zacks Research upgraded shares of Synaptics from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Northland Securities downgraded shares of Synaptics from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Mizuho boosted their target price on shares of Synaptics from $128.00 to $170.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded shares of Synaptics from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.09.

Synaptics Trading Up 14.1%

Shares of SYNA stock opened at $121.10 on Friday. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -9.57 and a beta of 1.96. The stock has a 50-day moving average of $100.95 and a 200-day moving average of $106.57. The company has a current ratio of 1.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Synaptics has a 1-year low of $58.28 and a 1-year high of $149.11.

Synaptics (NASDAQ:SYNA) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 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 company had revenue of $308.00 million for the quarter, compared to analyst estimates of $305.32 million. During the same period in the previous year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities research analysts forecast that Synaptics will post 1.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Esther Song sold 437 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $103.68, for a total transaction of $45,308.16. Following the transaction, the insider owned 14,683 shares in the company, valued at approximately $1,522,333.44. This represents a 2.89% decrease in their ownership of the stock. 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 Vikram Gupta sold 4,277 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $94.49, for a total transaction of $404,133.73. Following the transaction, the insider directly owned 99,191 shares in the company, valued at $9,372,557.59. This trade represents a 4.13% 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. Over the last ninety days, insiders sold 15,951 shares of company stock worth $1,612,862. 0.70% of the stock is currently owned by company insiders.

Institutional Trading of Synaptics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in shares of Synaptics in the first quarter valued at $784,000. FNY Investment Advisers LLC purchased a new position in shares of Synaptics in the 2nd quarter worth approximately $1,428,000. Segall Bryant & Hamill LLC grew its stake in Synaptics by 21.3% in the 1st quarter. Segall Bryant & Hamill LLC now owns 333,602 shares of the software maker’s stock valued at $23,365,000 after purchasing an additional 58,509 shares during the period. Geode Capital Management LLC increased its holdings in Synaptics by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,000,456 shares of the software maker’s stock worth $74,066,000 after buying an additional 17,088 shares during the last quarter. Finally, Trigran Investments Inc. grew its position in shares of Synaptics by 4.7% during the 4th quarter. Trigran Investments Inc. now owns 692,587 shares of the software maker’s stock valued at $51,265,000 after acquiring an additional 31,150 shares during the period. 99.43% of the stock is owned by institutional investors.

More Synaptics News

Here are the key news stories impacting Synaptics this week:

• Positive Sentiment: The all-cash structure provides Synaptics shareholders with greater value certainty and eliminates the dilution risk associated with receiving onsemi stock. The revised agreement followed an unsolicited competing proposal for Synaptics. onsemi And Synaptics Revise Merger Agreement To $5.7 Billion
• Positive Sentiment: Bank of America said the revised transaction could provide a larger earnings benefit than initially expected because the cash structure removes share dilution. Analysts also cited about $200 million in targeted synergies and potential expansion into a roughly $30 billion total addressable market. ON Semiconductor’s revised Synaptics deal improves earnings outlook, says BofA
• Positive Sentiment: The takeover offer gives Synaptics investors a premium and a clearer exit value, driving strong buying interest and unusually heavy trading volume. Rosenblatt Securities raised its price target to $123, matching the cash offer. Synaptics Stock Rises After onsemi Revises Deal to $123 Per Share

About Synaptics

Synaptics Incorporated (NASDAQ: SYNA) is a fabless semiconductor company that develops technologies enabling people to interact with digital devices. Its products combine sensing, processing, connectivity and artificial intelligence capabilities for consumer electronics, automotive systems and Internet of Things applications.

The company’s portfolio includes touch and display controllers, touchpads, fingerprint sensors, audio and voice-processing solutions, wireless connectivity products, and video and vision processors.