US Bancorp DE Grows Position in Synaptics Incorporated (NASDAQ:SYNA)

US Bancorp DE lifted its holdings in shares of Synaptics Incorporated (NASDAQ:SYNA) by 63.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,468 shares of the software maker’s stock after acquiring an additional 2,128 shares during the quarter. US Bancorp DE’s holdings in Synaptics were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Ameriprise Financial Inc. boosted its position in shares of Synaptics by 1.0% during the fourth quarter. Ameriprise Financial Inc. now owns 4,979,894 shares of the software maker’s stock valued at $380,059,000 after buying an additional 51,498 shares during the last quarter. Toronto Dominion Bank purchased a new stake in shares of Synaptics during the fourth quarter valued at $152,895,000. Trigran Investments Inc. boosted its position in shares of Synaptics by 5.9% during the fourth quarter. Trigran Investments Inc. now owns 1,072,222 shares of the software maker’s stock valued at $81,832,000 after buying an additional 59,647 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Synaptics by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,008,390 shares of the software maker’s stock valued at $76,960,000 after buying an additional 74,433 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Synaptics by 11.8% during the first quarter. Victory Capital Management Inc. now owns 645,727 shares of the software maker’s stock valued at $41,146,000 after buying an additional 67,975 shares during the last quarter. 99.43% of the stock is owned by hedge funds and other institutional investors.

Synaptics Trading Up 1.8%

Shares of NASDAQ:SYNA opened at $68.73 on Thursday. Synaptics Incorporated has a 52-week low of $41.80 and a 52-week high of $89.81. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.26 and a current ratio of 2.78. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of -56.80 and a beta of 1.61. The stock’s 50-day simple moving average is $65.28 and its two-hundred day simple moving average is $63.67.

Synaptics (NASDAQ:SYNA) last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.01. Synaptics had a positive return on equity of 4.32% and a negative net margin of 4.45%. The firm had revenue of $282.80 million for the quarter, compared to analysts’ expectations of $280.12 million. During the same period in the previous year, the firm earned $0.64 EPS. The business’s quarterly revenue was up 14.3% on a year-over-year basis. Analysts expect that Synaptics Incorporated will post 0.96 EPS for the current year.

Synaptics declared that its board has authorized a share buyback plan on Thursday, August 7th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on SYNA. Needham & Company LLC started coverage on Synaptics in a research report on Friday, May 9th. They set a “buy” rating and a $80.00 price objective on the stock. Wall Street Zen raised Synaptics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $94.00.

Synaptics 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.