Synaptics (NASDAQ:SYNA) Stock Rating Upgraded by Wall Street Zen

Synaptics (NASDAQ:SYNA) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Separately, Needham & Company LLC initiated coverage on Synaptics in a research report on Friday, May 9th. They issued a “buy” rating and a $80.00 target price for the company. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $93.75.

Synaptics Stock Performance

NASDAQ:SYNA opened at $63.52 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.88 and a quick ratio of 2.34. The business has a fifty day simple moving average of $64.95 and a two-hundred day simple moving average of $64.03. Synaptics has a 1 year low of $41.80 and a 1 year high of $89.81. The company has a market capitalization of $2.45 billion, a P/E ratio of -52.50 and a beta of 1.61.

Synaptics (NASDAQ:SYNA) last released its earnings results on Thursday, August 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Synaptics had a positive return on equity of 4.30% and a negative net margin of 4.45%. The business had revenue of $282.80 million during the quarter, compared to the consensus estimate of $280.12 million. During the same period last year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, analysts expect that Synaptics will post 0.96 earnings per share for the current year.

Synaptics declared that its board has approved a share buyback program on Thursday, August 7th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Synaptics

Large investors have recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Synaptics in the first quarter worth $25,000. Parallel Advisors LLC boosted its stake in Synaptics by 151.1% during the first quarter. Parallel Advisors LLC now owns 447 shares of the software maker’s stock valued at $28,000 after buying an additional 269 shares during the period. Quarry LP boosted its stake in Synaptics by 220.0% during the first quarter. Quarry LP now owns 528 shares of the software maker’s stock valued at $34,000 after buying an additional 363 shares during the period. Banque Cantonale Vaudoise bought a new stake in Synaptics during the first quarter valued at $35,000. Finally, Menard Financial Group LLC bought a new stake in Synaptics during the fourth quarter valued at $37,000. 99.43% of the stock is owned by institutional investors.

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.