Legal & General buys $6.58M Synaptics stake as shares slide below $100
What's the deal? Legal & General Group PlcDealroom has a profile for this one. Try Dealroom → bought a new stake in Synaptics IncorporatedDealroom has a profile for this one. Try Dealroom → during the second quarter, acquiring 52,971 shares worth about $6,581,000, according to Holdings Channel. Synaptics designs semiconductors and touch, display, and connectivity technology.
Why now? The purchase lands during a rough stretch for the stock. Shares opened at $95.99 on Thursday, below both the 50-day moving average of $110.73 and the 200-day average of $103.93, and well off the one-year high of $149.11.
By the numbers: Synaptics reported quarterly revenue of $308 million on August 6, up 8.9% year on year and ahead of the $305.32 million analysts expected. Earnings of $1.23 per share beat the $1.21 consensus, but the company posted a negative net margin of 41%.
Who else is buying? Legal & General joins several institutions adjusting positions. CoreCap AdvisorsDealroom has a profile for this one. Try Dealroom →, Allworth FinancialDealroom has a profile for this one. Try Dealroom →, and Lazard Asset ManagementDealroom has a profile for this one. Try Dealroom → each opened new stakes in the second quarter, while CIBC Private Wealth GroupDealroom has a profile for this one. Try Dealroom → lifted its holding by 119.5%. Institutions own 99.43% of the company.
What could go wrong? Insider selling adds a note of caution. Vikram Gupta sold 4,277 shares on August 25 at an average $94.49, cutting his stake 4.13%, though the sale ran under a pre-arranged Rule 10b5-1 plan.
The signal: Analysts remain split. The stock carries a consensus "hold" rating with a $123.91 price target, and views range from Zacks ResearchDealroom has a profile for this one. Try Dealroom →'s "strong-buy" upgrade to a Weiss RatingsDealroom has a profile for this one. Try Dealroom → downgrade — a divide that mirrors a $3.75 billion company still working to turn revenue growth into profit.
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