Synaptics (SYNA) Shares Up 7.2% on Better-Than-Expected Earnings

Shares of Synaptics, Incorporated (NASDAQ:SYNA) shot up 7.2% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $45.27 and last traded at $43.95. 3,168,225 shares traded hands during mid-day trading, an increase of 195% from the average session volume of 1,073,205 shares. The stock had previously closed at $41.00.

The software maker reported $1.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.03. The business had revenue of $430.40 million during the quarter, compared to analysts’ expectations of $430.59 million. Synaptics had a negative net margin of 5.04% and a positive return on equity of 13.49%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 EPS.

Several brokerages have weighed in on SYNA. UBS Group raised shares of Synaptics from an “underperform” rating to a “market perform” rating in a research report on Friday, December 8th. ValuEngine cut shares of Synaptics from a “buy” rating to a “hold” rating in a research report on Saturday, January 13th. Craig Hallum reissued a “buy” rating and set a $43.00 price target (down previously from $55.00) on shares of Synaptics in a research report on Wednesday, November 8th. Oppenheimer reissued a “sell” rating and set a $35.00 price target on shares of Synaptics in a research report on Wednesday, November 8th. Finally, Zacks Investment Research cut shares of Synaptics from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $47.63.

In related news, insider Rick Bergman sold 2,000 shares of Synaptics stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 130,307 shares of the company’s stock, valued at approximately $5,212,280. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 22,100 shares of company stock valued at $1,085,000. 3.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Systematic Financial Management LP lifted its position in Synaptics by 6.6% during the 4th quarter. Systematic Financial Management LP now owns 40,590 shares of the software maker’s stock valued at $1,621,000 after acquiring an additional 2,505 shares during the period. Schroder Investment Management Group lifted its position in Synaptics by 2,792.0% during the 4th quarter. Schroder Investment Management Group now owns 356,784 shares of the software maker’s stock valued at $14,250,000 after acquiring an additional 344,447 shares during the period. Bank of New York Mellon Corp lifted its position in Synaptics by 25.1% during the 4th quarter. Bank of New York Mellon Corp now owns 557,076 shares of the software maker’s stock valued at $22,250,000 after acquiring an additional 111,653 shares during the period. Arizona State Retirement System lifted its position in Synaptics by 28.2% during the 4th quarter. Arizona State Retirement System now owns 24,496 shares of the software maker’s stock valued at $978,000 after acquiring an additional 5,391 shares during the period. Finally, D.A. Davidson & CO. lifted its position in Synaptics by 27.0% during the 4th quarter. D.A. Davidson & CO. now owns 28,870 shares of the software maker’s stock valued at $1,153,000 after acquiring an additional 6,135 shares during the period. 97.74% of the stock is owned by institutional investors.

The stock has a market capitalization of $1,490.00, a PE ratio of -17.14, a PEG ratio of 0.98 and a beta of 1.12. The company has a current ratio of 2.35, a quick ratio of 1.70 and a debt-to-equity ratio of 0.59.

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Synaptics Company Profile

Synaptics Incorporated is engaged in the development, marketing and sale of intuitive human interface solutions for electronic devices and products. The Company is a developer and supplier of custom-designed human interface product solutions that enable people to interact with a range of mobile computing, communications, entertainment and other electronic devices.

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