Oppenheimer analyst Andrew Uerkwitz maintained a Hold rating on Synaptics Inc (SYNA) today. The company’s shares opened today at $38.33.
Uerkwitz said:
“On March 15 after-hours, SYNA announced that CEO Rick Bergman would leave the company, effectively immediately. The company also updated March-quarter guidance, lowering the revenue/EPS outlook to the low-end of its prior guidance as of Feb. 7. This comes as a surprise to us, following CFO Wajid Ali’s resignation. While Wajid Ali left to take on CFO role at Lumentum, Rick Bergman’s next step is not clear. SYNA’s public disclosure did not point to open disagreement with the company or any personal reason for his departure. We believe the management changes will be perceived negatively in the near term, calling into question SYNA’s competitive position, strategy, and commitment in its key markets. Reiterate Perform.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 19.3% and a 58.2% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Universal Display.
Synaptics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $47.29, a 23.4% upside from current levels. In a report released today, Mizuho Securities also downgraded the stock to Hold with a $39 price target.
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The company has a one-year high of $55.25 and a one-year low of $33.54. Currently, Synaptics Inc has an average volume of 384.8K.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is neutral on the stock. Most recently, in January 2019, Francis Lee, a Director at SYNA bought 6,000 shares for a total of $138,960.
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Synaptics, Inc. engages in the development, marketing, and sale of human interface semiconductor solutions for electronic devices and products. It specializes in custom-designed human interface that enable people to interact with mobile computing, communications, entertainment, and other electronic devices.
