569,724 Shares in Synaptics Incorporated (NASDAQ:SYNA) Acquired by Norges Bank

Norges Bank acquired a new stake in shares of Synaptics Incorporated (NASDAQ:SYNA - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 569,724 shares of the software maker's stock, valued at approximately $43,481,000. Norges Bank owned about 1.42% of Synaptics at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Synaptics during the third quarter worth about $31,000. KBC Group NV raised its stake in Synaptics by 87.4% during the fourth quarter. KBC Group NV now owns 1,795 shares of the software maker's stock valued at $137,000 after buying an additional 837 shares in the last quarter. XTX Topco Ltd bought a new position in Synaptics during the 3rd quarter worth approximately $227,000. Cibc World Markets Corp acquired a new position in shares of Synaptics in the 4th quarter worth approximately $283,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Synaptics in the 4th quarter valued at approximately $371,000. 99.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SYNA shares. Craig Hallum upgraded Synaptics from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 29th. Susquehanna lifted their price target on shares of Synaptics from $95.00 to $105.00 and gave the company a "positive" rating in a report on Wednesday, January 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $90.00 price objective on shares of Synaptics in a research report on Tuesday, February 4th. Mizuho cut their target price on shares of Synaptics from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $105.00 target price on shares of Synaptics in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $95.00.

Synaptics Stock Performance

Shares of NASDAQ SYNA traded up $9.34 during midday trading on Wednesday, hitting $52.26. 1,138,696 shares of the company's stock were exchanged, compared to its average volume of 458,608. Synaptics Incorporated has a twelve month low of $41.80 and a twelve month high of $98.00. The firm has a market cap of $2.05 billion, a P/E ratio of 12.35 and a beta of 1.60. The stock's 50 day moving average price is $64.96 and its 200-day moving average price is $72.95. The company has a debt-to-equity ratio of 0.60, a current ratio of 3.88 and a quick ratio of 3.36.

Insiders Place Their Bets

In related news, insider Ken Rizvi acquired 3,600 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were acquired at an average price of $69.15 per share, for a total transaction of $248,940.00. Following the completion of the purchase, the insider now directly owns 27,630 shares of the company's stock, valued at $1,910,614.50. The trade was a 14.98 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

About Synaptics

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.