Pier 88 Investment Partners LLC Boosts Stock Holdings in Synaptics Incorporated (NASDAQ:SYNA)

Pier 88 Investment Partners LLC grew its holdings in Synaptics Incorporated (NASDAQ:SYNA) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,670 shares of the software maker’s stock after purchasing an additional 850 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Synaptics were worth $765,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Synaptics in the 4th quarter valued at $40,261,000. Bank of New York Mellon Corp grew its stake in Synaptics by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 1,259,106 shares of the software maker’s stock valued at $111,053,000 after purchasing an additional 193,182 shares during the last quarter. Victory Capital Management Inc. grew its stake in Synaptics by 39.1% in the second quarter. Victory Capital Management Inc. now owns 545,958 shares of the software maker’s stock valued at $48,153,000 after purchasing an additional 153,434 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Synaptics in the first quarter worth about $13,065,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Synaptics by 34.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 390,251 shares of the software maker’s stock valued at $44,520,000 after buying an additional 100,150 shares during the last quarter. Hedge funds and other institutional investors own 99.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SYNA shares. TD Cowen cut their price objective on shares of Synaptics from $115.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Craig Hallum dropped their target price on Synaptics from $105.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC lowered their price target on Synaptics from $110.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 9th. KeyCorp lowered their target price on shares of Synaptics from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Synaptics from $120.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $105.44.

Synaptics Stock Performance

NASDAQ SYNA opened at $71.38 on Friday. The company has a current ratio of 4.19, a quick ratio of 3.78 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -26.34 and a beta of 1.47. Synaptics Incorporated has a twelve month low of $67.83 and a twelve month high of $121.37. The stock has a 50-day moving average of $82.20 and a 200 day moving average of $89.80.

Synaptics (NASDAQ:SYNA) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.09. Synaptics had a negative return on equity of 0.54% and a net margin of 13.09%. The company had revenue of $247.40 million for the quarter, compared to analyst estimates of $245.17 million. During the same quarter last year, the firm posted $0.01 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Sell-side analysts anticipate that Synaptics Incorporated will post 0.72 EPS for the current fiscal year.

Insider Activity

In related news, insider Vikram Gupta sold 1,008 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $80.00, for a total value of $80,640.00. Following the completion of the sale, the insider now owns 45,789 shares of the company’s stock, valued at $3,663,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 3,652 shares of company stock worth $300,226 over the last ninety days. Corporate insiders own 1.20% 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.