Synaptics (NASDAQ:SYNA) Shares Gap Down - Here's Why

Synaptics Incorporated (NASDAQ:SYNA - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $85.05, but opened at $82.14. Synaptics shares last traded at $75.32, with a volume of 415,177 shares.

Analysts Set New Price Targets

SYNA has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $92.00 price target on shares of Synaptics in a research report on Tuesday, February 4th. Craig Hallum upgraded shares of Synaptics from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $90.00 price target on shares of Synaptics in a research report on Tuesday, February 4th. TD Cowen raised their price objective on Synaptics from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Finally, Susquehanna upped their target price on Synaptics from $95.00 to $105.00 and gave the stock a "positive" rating in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Synaptics presently has a consensus rating of "Moderate Buy" and an average price target of $95.25.

Synaptics Stock Performance

The company has a 50 day moving average of $79.73 and a 200 day moving average of $77.05. The company has a quick ratio of 4.02, a current ratio of 4.49 and a debt-to-equity ratio of 0.66. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 16.42 and a beta of 1.45.

Insider Activity

In other news, insider Vikram Gupta sold 411 shares of the company's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $81.63, for a total value of $33,549.93. Following the sale, the insider now owns 40,795 shares in the company, valued at approximately $3,330,095.85. This represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company's stock.

Institutional Trading of Synaptics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC boosted its holdings in Synaptics by 189.7% in the third quarter. Barclays PLC now owns 81,330 shares of the software maker's stock worth $6,309,000 after purchasing an additional 53,252 shares during the period. Algert Global LLC raised its position in shares of Synaptics by 44.9% during the 3rd quarter. Algert Global LLC now owns 50,797 shares of the software maker's stock worth $3,941,000 after purchasing an additional 15,750 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Synaptics by 111.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 79,777 shares of the software maker's stock worth $6,189,000 after purchasing an additional 42,101 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Synaptics by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 447,881 shares of the software maker's stock valued at $34,747,000 after purchasing an additional 17,119 shares during the period. Finally, PDT Partners LLC bought a new position in Synaptics during the 3rd quarter worth $592,000. Institutional investors and hedge funds own 99.43% of the company's stock.

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.