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

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

Synaptics Price Performance

Synaptics stock opened at $112.21 on Friday. 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 12 month low of $67.73 and a 12 month high of $129.34. The stock has a 50-day moving average price of $109.26 and a two-hundred day moving average price of $97.19.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SYNA. Mizuho reduced their price objective on Synaptics from $127.00 to $124.00 and set a “buy” rating on the stock in a research note on Friday. KeyCorp raised their price objective on Synaptics from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. began coverage on Synaptics in a research note on Friday, December 8th. They issued an “overweight” rating and a $130.00 price objective on the stock. StockNews.com lowered Synaptics from a “hold” rating to a “sell” rating in a research note on Monday, January 29th. Finally, Rosenblatt Securities raised their price objective on Synaptics from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Synaptics currently has an average rating of “Moderate Buy” and an average price target of $125.36.

Check Out Our Latest Analysis on Synaptics

Insider Buying and Selling at Synaptics

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

Hedge Funds Weigh In On Synaptics

A number of hedge funds have recently made changes to their positions in SYNA. Norges Bank bought a new position in shares of Synaptics during the fourth quarter worth about $34,790,000. BlackRock Inc. grew its stake in Synaptics by 6.9% during the second quarter. BlackRock Inc. now owns 5,323,437 shares of the software maker’s stock worth $454,515,000 after purchasing an additional 341,905 shares during the period. Alliancebernstein L.P. grew its stake in Synaptics by 55.0% during the fourth quarter. Alliancebernstein L.P. now owns 864,167 shares of the software maker’s stock worth $82,234,000 after purchasing an additional 306,742 shares during the period. Wells Fargo & Company MN grew its stake in Synaptics by 112.8% during the second quarter. Wells Fargo & Company MN now owns 28,599 shares of the software maker’s stock worth $3,376,000 after purchasing an additional 251,313 shares during the period. Finally, AQR Capital Management LLC grew its stake in Synaptics by 261.8% during the fourth quarter. AQR Capital Management LLC now owns 310,091 shares of the software maker’s stock worth $28,879,000 after purchasing an additional 224,380 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Synaptics Company Profile

(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.

See Also

Earnings History for Synaptics (NASDAQ:SYNA)

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