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KeyCorp Comments on Synaptics Incorporated's Q3 2023 Earnings (NASDAQ:SYNA)

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Feb 4, 2023 • 5 min read

Synaptics Incorporated (NASDAQ:SYNA - Get Rating) - Stock analysts at KeyCorp dropped their Q3 2023 earnings per share (EPS) estimates for shares of Synaptics in a research report issued to clients and investors on Wednesday, January 11th. KeyCorp analyst J. Vinh now expects that the software maker will post earnings of $1.17 per share for the quarter, down from their previous forecast of $1.39. KeyCorp has a "Overweight" rating and a $115.00 price objective on the stock. The consensus estimate for Synaptics' current full-year earnings is $6.96 per share. KeyCorp also issued estimates for Synaptics' FY2023 earnings at $7.09 EPS, Q1 2024 earnings at $1.89 EPS, Q2 2024 earnings at $2.13 EPS, Q3 2024 earnings at $1.71 EPS and Q4 2024 earnings at $1.80 EPS.

Other equities analysts have also issued reports about the company. Cowen reduced their price objective on Synaptics from $210.00 to $110.00 and set an "outperform" rating on the stock in a research note on Monday, October 31st. Cowen reduced their price objective on Synaptics from $210.00 to $110.00 and set an "outperform" rating on the stock in a research note on Monday, October 31st. TheStreet lowered Synaptics from a "b-" rating to a "c+" rating in a research note on Friday, October 14th. Mizuho reduced their price objective on Synaptics from $205.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, November 4th. Finally, Wells Fargo & Company reduced their price objective on Synaptics from $100.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Friday, November 4th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Synaptics presently has an average rating of "Moderate Buy" and a consensus target price of $135.00.

Synaptics Stock Up 3.2 %

SYNA opened at $109.15 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.86 and a quick ratio of 3.37. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 15.75 and a beta of 1.47. The business has a 50-day moving average of $98.62 and a two-hundred day moving average of $109.86. Synaptics has a 12 month low of $81.13 and a 12 month high of $257.87.

Synaptics (NASDAQ:SYNA - Get Rating) last posted its quarterly earnings results on Thursday, November 3rd. The software maker reported $2.89 EPS for the quarter, beating the consensus estimate of $2.77 by $0.12. The company had revenue of $448.10 million during the quarter, compared to analysts' expectations of $450.48 million. Synaptics had a return on equity of 39.05% and a net margin of 15.53%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.98 EPS.

Institutional Investors Weigh In On Synaptics

A number of institutional investors have recently made changes to their positions in the company. Polianta Ltd bought a new stake in shares of Synaptics in the 4th quarter valued at approximately $694,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Synaptics in the 3rd quarter valued at approximately $5,463,000. Balyasny Asset Management LLC increased its holdings in shares of Synaptics by 219.8% in the 3rd quarter. Balyasny Asset Management LLC now owns 37,742 shares of the software maker's stock valued at $3,737,000 after acquiring an additional 69,242 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Synaptics in the 3rd quarter valued at approximately $94,000. Finally, State Street Corp increased its holdings in shares of Synaptics by 4.7% in the 3rd quarter. State Street Corp now owns 1,517,214 shares of the software maker's stock valued at $150,219,000 after acquiring an additional 68,091 shares during the last quarter. 90.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Synaptics

In other Synaptics news, SVP John Mcfarland sold 12,299 shares of the company's stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $88.50, for a total value of $1,088,461.50. Following the transaction, the senior vice president now directly owns 11,403 shares of the company's stock, valued at approximately $1,009,165.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Synaptics news, insider Saleel Awsare sold 1,822 shares of the company's stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $106.58, for a total value of $194,188.76. Following the transaction, the insider now directly owns 42,474 shares of the company's stock, valued at approximately $4,526,878.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John Mcfarland sold 12,299 shares of the company's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $88.50, for a total value of $1,088,461.50. Following the completion of the transaction, the senior vice president now directly owns 11,403 shares in the company, valued at $1,009,165.50. The disclosure for this sale can be found here. Insiders have sold a total of 66,487 shares of company stock valued at $6,513,733 in the last three months. Corporate insiders own 0.97% of the company's stock.

Synaptics Company Profile

Synaptics Incorporated develops, markets, and sells semiconductor product solutions 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 or over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.