Principal Financial Group Inc. Sells 40,802 Shares of Synaptics Incorporated (NASDAQ:SYNA)

Principal Financial Group Inc. cut its stake in shares of Synaptics Incorporated (NASDAQ:SYNA) by 30.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,720 shares of the software maker’s stock after selling 40,802 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Synaptics worth $7,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Heron Bay Capital Management increased its stake in shares of Synaptics by 1.3% in the 1st quarter. Heron Bay Capital Management now owns 9,197 shares of the software maker’s stock worth $897,000 after acquiring an additional 116 shares in the last quarter. US Bancorp DE increased its holdings in Synaptics by 3.5% in the 1st quarter. US Bancorp DE now owns 3,603 shares of the software maker’s stock valued at $352,000 after acquiring an additional 123 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Synaptics by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 48,665 shares of the software maker’s stock worth $4,748,000 after acquiring an additional 163 shares in the last quarter. Choreo LLC increased its holdings in shares of Synaptics by 3.9% in the 2nd quarter. Choreo LLC now owns 4,845 shares of the software maker’s stock worth $417,000 after buying an additional 180 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Synaptics by 2.1% during the second quarter. Arizona State Retirement System now owns 11,002 shares of the software maker’s stock worth $970,000 after acquiring an additional 229 shares during the last quarter. 99.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Craig Hallum reduced their price target on Synaptics from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Susquehanna reduced their target price on Synaptics from $110.00 to $95.00 and set a “positive” rating for the company in a research note on Monday, October 21st. Needham & Company LLC cut their price objective on shares of Synaptics from $95.00 to $90.00 and set a “buy” rating for the company in a report on Friday, November 8th. TD Cowen upped their price target on Synaptics from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, KeyCorp cut shares of Synaptics from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synaptics has an average rating of “Moderate Buy” and an average price target of $97.33.

Insider Buying and Selling at Synaptics

In other news, insider Vikram Gupta sold 1,870 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $80.00, for a total transaction of $149,600.00. Following the transaction, the insider now directly owns 46,797 shares of the company’s stock, valued at approximately $3,743,760. The trade was a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 5,609 shares of company stock valued at $448,720 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Synaptics Stock Down 1.6 %

Shares of NASDAQ SYNA opened at $72.69 on Wednesday. The firm has a fifty day moving average of $73.98 and a 200-day moving average of $81.74. The stock has a market capitalization of $2.91 billion, a PE ratio of 18.40 and a beta of 1.47. The company has a quick ratio of 4.02, a current ratio of 4.49 and a debt-to-equity ratio of 0.66. Synaptics Incorporated has a 52-week low of $67.83 and a 52-week high of $121.37.

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.