Synaptics (NASDAQ:SYNA) Hits New 1-Year Low – Here’s Why

Synaptics Incorporated (NASDAQ:SYNA)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $60.75 and last traded at $61.05, with a volume of 245058 shares changing hands. The stock had previously closed at $62.48.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SYNA shares. Craig Hallum raised shares of Synaptics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 29th. Rosenblatt Securities reissued a “buy” rating and issued a $105.00 target price on shares of Synaptics in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $90.00 target price on shares of Synaptics in a research note on Tuesday, February 4th. Finally, Susquehanna raised their target price on shares of Synaptics from $95.00 to $105.00 and gave the company a “positive” rating in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $96.88.

Synaptics Stock Up 1.8 %

The company has a quick ratio of 3.36, a current ratio of 3.88 and a debt-to-equity ratio of 0.60. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 14.85 and a beta of 1.55. The stock has a fifty day moving average price of $74.53 and a two-hundred day moving average price of $75.39.

Insider Transactions at Synaptics

In related news, insider Ken Rizvi purchased 3,600 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were bought at an average price of $69.15 per share, for a total transaction of $248,940.00. Following the completion of the transaction, the insider now owns 27,630 shares of the company’s stock, valued at approximately $1,910,614.50. This trade represents a 14.98 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SYNA. State of New Jersey Common Pension Fund D grew its position in Synaptics by 21.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 24,745 shares of the software maker’s stock valued at $1,920,000 after acquiring an additional 4,343 shares during the last quarter. GSA Capital Partners LLP bought a new position in Synaptics in the third quarter valued at about $999,000. Aigen Investment Management LP bought a new position in Synaptics in the third quarter valued at about $218,000. Victory Capital Management Inc. grew its holdings 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 worth $44,804,000 after purchasing an additional 31,565 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Synaptics by 232.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,406 shares of the software maker’s stock worth $652,000 after purchasing an additional 5,880 shares during the last quarter. Institutional investors own 99.43% of the company’s stock.

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.