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

Synaptics Incorporated (NASDAQ:SYNA)’s stock price gapped down before the market opened 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 trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SYNA shares. Rosenblatt Securities reiterated a “buy” rating and set a $92.00 price target on shares of Synaptics in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Synaptics in a research note on Tuesday. TD Cowen lifted their price target on shares of Synaptics from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, November 8th. Susquehanna boosted 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. Finally, KeyCorp downgraded Synaptics from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Synaptics currently has an average rating of “Moderate Buy” and an average price target of $98.44.

Synaptics Price Performance

The company has a quick ratio of 4.02, a current ratio of 4.49 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $2.94 billion, a PE ratio of 18.59 and a beta of 1.45. The firm’s fifty day moving average price is $80.14 and its two-hundred day moving average price is $77.50.

Insider Buying and Selling at Synaptics

In other news, insider Vikram Gupta sold 411 shares of Synaptics stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $81.63, for a total transaction of $33,549.93. Following the transaction, the insider now directly owns 40,795 shares of the company’s stock, valued at $3,330,095.85. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Synaptics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. TimesSquare Capital Management LLC lifted its position in Synaptics by 46.0% in the fourth quarter. TimesSquare Capital Management LLC now owns 526,335 shares of the software maker’s stock worth $40,170,000 after buying an additional 165,866 shares during the last quarter. Cardinal Capital Management grew its position in shares of Synaptics by 34.2% during the 4th quarter. Cardinal Capital Management now owns 35,846 shares of the software maker’s stock worth $2,736,000 after buying an additional 9,141 shares in the last quarter. Peregrine Capital Management LLC increased its stake 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 period. Principal Financial Group Inc. raised its holdings in shares of Synaptics by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 92,053 shares of the software maker’s stock valued at $7,025,000 after acquiring an additional 333 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in Synaptics by 16.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 28,878 shares of the software maker’s stock worth $2,204,000 after acquiring an additional 4,133 shares during the period. 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.