Synaptics (NASDAQ:SYNA) Sets New 52-Week Low – Here’s What Happened

Synaptics Incorporated (NASDAQ:SYNA) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $41.80 and last traded at $42.92, with a volume of 1186016 shares trading hands. The stock had previously closed at $45.56.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $105.00 target price on shares of Synaptics in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $90.00 price objective on shares of Synaptics in a report on Tuesday, February 4th. Craig Hallum upgraded Synaptics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 29th. Mizuho lowered their target price on shares of Synaptics from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Finally, Susquehanna upped their price target on Synaptics from $95.00 to $105.00 and gave the company a “positive” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.00.

Synaptics Stock Down 9.2 %

The company has a market cap of $1.86 billion, a P/E ratio of 11.22 and a beta of 1.60. 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 fifty day moving average of $64.21 and a 200 day moving average of $72.77.

Insider Buying and Selling at Synaptics

In other Synaptics news, insider Ken Rizvi purchased 3,600 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were acquired at an average price of $69.15 per share, for a total transaction of $248,940.00. Following the purchase, the insider now directly owns 27,630 shares of the company’s stock, valued at $1,910,614.50. The trade was a 14.98 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Synaptics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System increased its position in Synaptics by 1.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the software maker’s stock worth $847,000 after buying an additional 200 shares in the last quarter. State of Michigan Retirement System boosted its position in shares of Synaptics by 2.1% in the fourth quarter. State of Michigan Retirement System now owns 9,533 shares of the software maker’s stock worth $728,000 after purchasing an additional 200 shares during the period. Arizona State Retirement System raised its position in shares of Synaptics by 1.8% during the 4th quarter. Arizona State Retirement System now owns 11,573 shares of the software maker’s stock valued at $883,000 after purchasing an additional 200 shares during the period. Bridge City Capital LLC lifted its stake in shares of Synaptics by 0.9% during the 4th quarter. Bridge City Capital LLC now owns 22,511 shares of the software maker’s stock valued at $1,718,000 after buying an additional 201 shares in the last quarter. Finally, Inspire Advisors LLC boosted its holdings in Synaptics by 2.7% in the 4th quarter. Inspire Advisors LLC now owns 8,175 shares of the software maker’s stock worth $624,000 after buying an additional 212 shares during the period. 99.43% of the stock is currently owned by hedge funds and other institutional investors.

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.