Synaptics (NASDAQ:SYNA) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Synaptics (NASDAQ:SYNAGet Free Report) issued its quarterly earnings results on Thursday. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.11, Briefing.com reports. The firm had revenue of $237.00 million during the quarter, compared to analysts’ expectations of $235.26 million. Synaptics had a negative net margin of 7.54% and a positive return on equity of 2.98%. Synaptics’s quarterly revenue was down 32.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 EPS. Synaptics updated its Q3 2024 guidance to EPS.

Synaptics Stock Performance

Shares of SYNA opened at $112.21 on Friday. The company has a 50-day simple moving average of $109.26 and a 200-day simple moving average of $97.23. The company has a current ratio of 4.52, a quick ratio of 3.98 and a debt-to-equity ratio of 0.81. Synaptics has a 52-week low of $67.73 and a 52-week high of $129.34.

Insider Activity

In other news, insider John Mcfarland sold 884 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $105.83, for a total value of $93,553.72. Following the completion of the transaction, the insider now owns 15,183 shares in the company, valued at approximately $1,606,816.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Synaptics

Several hedge funds have recently added to or reduced their stakes in SYNA. Norges Bank purchased a new position in Synaptics during the 4th quarter valued at about $34,790,000. BlackRock Inc. increased its holdings in Synaptics by 6.9% during the 2nd quarter. BlackRock Inc. now owns 5,323,437 shares of the software maker’s stock valued at $454,515,000 after acquiring an additional 341,905 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Synaptics by 55.0% during the 4th quarter. Alliancebernstein L.P. now owns 864,167 shares of the software maker’s stock valued at $82,234,000 after acquiring an additional 306,742 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Synaptics by 112.8% during the 2nd quarter. Wells Fargo & Company MN now owns 28,599 shares of the software maker’s stock valued at $3,376,000 after acquiring an additional 251,313 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Synaptics by 261.8% during the 4th quarter. AQR Capital Management LLC now owns 310,091 shares of the software maker’s stock valued at $28,879,000 after acquiring an additional 224,380 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on SYNA shares. KeyCorp increased their price target on shares of Synaptics from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. started coverage on shares of Synaptics in a research note on Friday, December 8th. They set an “overweight” rating and a $130.00 price target for the company. TD Cowen increased their price target on shares of Synaptics from $115.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday. Needham & Company LLC raised their target price on shares of Synaptics from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Craig Hallum cut shares of Synaptics from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.36.

Check Out Our Latest Analysis on SYNA

About Synaptics

(Get Free Report)

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.

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Earnings History for Synaptics (NASDAQ:SYNA)

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