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Ken Rizvi, the Senior Vice President and Chief Financial Officer of Synaptics Inc. (NASDAQ:SYNA), recently purchased 3,600 shares of the company’s common stock. The shares were acquired at a price of $69.15 each, amounting to a total transaction value of $248,940. The purchase comes as the stock trades near its 52-week low of $67.83, with InvestingPro analysis indicating the stock is currently undervalued. Following this transaction, Rizvi now holds 27,630 shares directly. This move reflects Rizvi’s continued investment in the semiconductor company, which is known for its innovations in touch, display, and biometrics technology. The company maintains a strong financial position with a current ratio of 3.88, and trades at a P/E ratio of 16. InvestingPro subscribers can access detailed analysis and 7 additional ProTips about Synaptics’ financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Synaptics has been a focal point for analysts, with Mizuho (NYSE:MFG) Securities and Needham adjusting their price targets for the company. Mizuho reduced their target to $90 but maintained an Outperform rating, following Synaptics’ recent financial report. Key observations included an 8% quarter-over-quarter increase in March quarter Internet of Things (IoT) revenue, contributing to 23% of total revenue. Meanwhile, Needham raised its price target from $90 to $100, following Synaptics’ financial performance that exceeded expectations for the first quarter of fiscal year 2025.
Aside from financials, Synaptics has seen significant changes in its executive leadership, with President and CEO Michael Hurlston resigning to take on the CEO position at Lumentum Holdings Inc (NASDAQ:LITE). In his stead, CFO and SVP Ken Rizvi has been named interim CEO. Analysts from firms such as Needham and KeyBanc have maintained their ratings on Synaptics’ stock, expressing confidence in the company’s strategic direction despite this leadership transition.
These recent developments have seen Synaptics maintain a steady performance, with the company’s second-quarter revenue expected to reach $267 million, slightly exceeding its previous forecast. The company also anticipates its gross margin to align with the midpoint of their guidance at 53.5%. As it stands, Synaptics continues to navigate through these changes, with a strong focus on maintaining its strategic direction and growth trajectory.
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