Norges Bank Makes New $43.48 Million Investment in Synaptics Incorporated (NASDAQ:SYNA)

Norges Bank purchased a new position in shares of Synaptics Incorporated (NASDAQ:SYNA) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 569,724 shares of the software maker’s stock, valued at approximately $43,481,000. Norges Bank owned 1.42% of Synaptics at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. TimesSquare Capital Management LLC increased its stake in Synaptics by 46.0% during the fourth quarter. TimesSquare Capital Management LLC now owns 526,335 shares of the software maker’s stock worth $40,170,000 after purchasing an additional 165,866 shares during the period. Peregrine Capital Management LLC increased its stake in Synaptics by 210.0% during the 4th quarter. Peregrine Capital Management LLC now owns 204,829 shares of the software maker’s stock worth $15,633,000 after buying an additional 138,748 shares during the period. Vanguard Group Inc. lifted its holdings in Synaptics by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,907,880 shares of the software maker’s stock worth $374,569,000 after buying an additional 93,155 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Synaptics by 52.1% in the fourth quarter. JPMorgan Chase & Co. now owns 270,225 shares of the software maker’s stock worth $20,624,000 after acquiring an additional 92,549 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Synaptics by 51.6% during the fourth quarter. Prudential Financial Inc. now owns 257,817 shares of the software maker’s stock worth $19,677,000 after acquiring an additional 87,746 shares during the period. 99.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on SYNA. Craig Hallum upgraded Synaptics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 29th. Needham & Company LLC reissued a “buy” rating and set a $90.00 price objective on shares of Synaptics in a research report on Tuesday, February 4th. Susquehanna increased their target price on shares of Synaptics from $95.00 to $105.00 and gave the company a “positive” rating in a research report on Wednesday, January 22nd. Rosenblatt Securities restated a “buy” rating and set a $105.00 target price on shares of Synaptics in a research report on Thursday, February 27th. Finally, Mizuho decreased their target price on shares of Synaptics from $90.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.00.

Synaptics Stock Down 7.3 %

NASDAQ:SYNA opened at $48.25 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.36 and a current ratio of 3.88. The stock has a 50-day simple moving average of $68.66 and a 200 day simple moving average of $73.92. Synaptics Incorporated has a one year low of $45.86 and a one year high of $98.00. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 11.41 and a beta of 1.60.

Insider Buying and Selling

In other Synaptics news, insider Ken Rizvi acquired 3,600 shares of the stock in a transaction dated Monday, February 10th. The shares were bought at an average price of $69.15 per share, with a total value of $248,940.00. Following the purchase, the insider now directly owns 27,630 shares of the company’s stock, valued at approximately $1,910,614.50. This trade represents a 14.98 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by company 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.