Synaptics (NASDAQ:SYNA) Price Target Cut to $95.00 by Analysts at Needham & Company LLC

Synaptics (NASDAQ:SYNA) had its price objective cut by Needham & Company LLC from $110.00 to $95.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities research analysts have also commented on the stock. KeyCorp cut their price target on shares of Synaptics from $135.00 to $115.00 and set an overweight rating for the company in a report on Friday, May 10th. Wells Fargo & Company decreased their price target on shares of Synaptics from $115.00 to $95.00 and set an equal weight rating on the stock in a research note on Friday, May 10th. Finally, TD Cowen lowered their price target on shares of Synaptics from $135.00 to $115.00 and set a buy rating on the stock in a research report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $108.78.

Synaptics Stock Performance

NASDAQ:SYNA traded up $0.38 during trading hours on Friday, hitting $72.71. 703,941 shares of the company were exchanged, compared to its average volume of 298,247. The company’s 50 day moving average price is $87.86 and its 200-day moving average price is $94.19. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -26.83 and a beta of 1.47. Synaptics has a 52-week low of $67.83 and a 52-week high of $121.37. The company has a debt-to-equity ratio of 0.78, a current ratio of 5.32 and a quick ratio of 4.78.

Synaptics (NASDAQ:SYNA) last posted its earnings results on Thursday, August 8th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.09. Synaptics had a negative net margin of 11.30% and a negative return on equity of 0.90%. The business had revenue of $247.40 million for the quarter, compared to analyst estimates of $245.17 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, research analysts forecast that Synaptics will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On Synaptics

Several institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. grew its stake in Synaptics by 1,255.2% during the 4th quarter. Victory Capital Management Inc. now owns 394,383 shares of the software maker’s stock worth $44,991,000 after purchasing an additional 365,282 shares in the last quarter. Norges Bank acquired a new position in shares of Synaptics during the fourth quarter worth about $40,261,000. Bank of New York Mellon Corp increased its stake in shares of Synaptics by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 1,259,106 shares of the software maker’s stock worth $111,053,000 after buying an additional 193,182 shares during the period. Westfield Capital Management Co. LP acquired a new stake in Synaptics in the first quarter valued at approximately $13,065,000. Finally, Goldman Sachs Group Inc. lifted its stake in Synaptics by 34.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 390,251 shares of the software maker’s stock worth $44,520,000 after acquiring an additional 100,150 shares during the last quarter. Institutional investors and hedge funds own 99.43% of the company’s stock.

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.