Vanguard Group Inc. Decreases Holdings in Synaptics Incorporated $SYNA

Vanguard Group Inc. cut its holdings in shares of Synaptics Incorporated (NASDAQ:SYNA) by 1.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,855,695 shares of the software maker’s stock after selling 52,185 shares during the quarter. Vanguard Group Inc. owned approximately 12.39% of Synaptics worth $309,405,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Synaptics during the 1st quarter valued at $25,000. Parallel Advisors LLC increased its position in shares of Synaptics by 151.1% during the 1st quarter. Parallel Advisors LLC now owns 447 shares of the software maker’s stock valued at $28,000 after purchasing an additional 269 shares during the last quarter. Menard Financial Group LLC purchased a new stake in shares of Synaptics during the 4th quarter valued at $37,000. Banque Cantonale Vaudoise purchased a new stake in shares of Synaptics during the 1st quarter valued at $35,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Synaptics during the 4th quarter valued at $72,000. 99.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen raised Synaptics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Needham & Company LLC assumed coverage on Synaptics in a report on Friday, May 9th. They issued a “buy” rating and a $80.00 price objective for the company. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $94.00.

Synaptics Stock Down 1.8%

SYNA stock opened at $66.80 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.78 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $2.57 billion, a PE ratio of -55.21 and a beta of 1.61. Synaptics Incorporated has a twelve month low of $41.80 and a twelve month high of $89.81. The stock has a 50-day simple moving average of $65.49 and a two-hundred day simple moving average of $63.16.

Synaptics (NASDAQ:SYNA) last posted its earnings results on Thursday, August 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.01. The business had revenue of $282.80 million during the quarter, compared to analyst estimates of $280.12 million. Synaptics had a positive return on equity of 4.32% and a negative net margin of 4.45%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. On average, equities analysts predict that Synaptics Incorporated will post 0.96 EPS for the current fiscal year.

Synaptics announced that its Board of Directors has initiated a share buyback plan on Thursday, August 7th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the software maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.