Synaptics (NASDAQ:SYNA) Shares Gap Down – Here’s Why

Synaptics Incorporated (NASDAQ:SYNA)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $85.05, but opened at $82.14. Synaptics shares last traded at $75.32, with a volume of 415,177 shares traded.

Wall Street Analyst Weigh In

SYNA has been the subject of a number of recent research reports. Susquehanna lifted their price target on shares of Synaptics from $95.00 to $105.00 and gave the company a “positive” rating in a research report on Wednesday, January 22nd. Craig Hallum raised shares of Synaptics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 29th. Rosenblatt Securities restated a “buy” rating and set a $92.00 price objective on shares of Synaptics in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $90.00 price objective on shares of Synaptics in a research note on Tuesday. Finally, TD Cowen raised their price objective on shares of Synaptics from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Synaptics presently has a consensus rating of “Moderate Buy” and an average 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 firm has a market cap of $3.06 billion, a P/E ratio of 19.34 and a beta of 1.45. The stock’s 50-day simple moving average is $79.98 and its two-hundred day simple moving average is $77.39.

Insider Buying and Selling at Synaptics

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 directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Synaptics

A number of hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in shares of Synaptics by 5.8% during the third quarter. Victory Capital Management Inc. now owns 577,523 shares of the software maker’s stock valued at $44,804,000 after buying an additional 31,565 shares during the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Synaptics by 46.0% during the fourth quarter. TimesSquare Capital Management LLC now owns 526,335 shares of the software maker’s stock valued at $40,170,000 after buying an additional 165,866 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Synaptics by 4.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 447,881 shares of the software maker’s stock valued at $34,747,000 after buying an additional 17,119 shares during the last quarter. Emerald Advisers LLC lifted its position in shares of Synaptics by 2.5% during 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 last quarter. Finally, Peregrine Capital Management LLC lifted its position in shares of Synaptics by 210.0% during the fourth quarter. Peregrine Capital Management LLC now owns 204,829 shares of the software maker’s stock valued at $15,633,000 after buying an additional 138,748 shares during the last quarter. 99.43% of the stock is owned by hedge funds and other institutional investors.

About Synaptics

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.