Vikram Gupta, Senior Vice President and General Manager of IoT/Processors and Chief Product Officer at Synaptics Inc (NASDAQ:SYNA), a company currently valued at $3.2 billion, recently sold 412 shares of the company's common stock. According to InvestingPro analysis, SYNA is currently trading below its Fair Value, with analysts maintaining a bullish outlook. The transaction, which took place on November 27, 2024, was executed at a price of $80.17 per share, amounting to a total value of $33,030.
The sale was conducted under a pre-established 10b5-1 Trading Plan dated March 14, 2024, which allows insiders to sell a predetermined number of shares at a set time to avoid potential insider trading violations. Following this transaction, Gupta retains ownership of 41,206 shares of Synaptics.
In other recent news, Synaptics Incorporated has reported a series of financial developments. The company saw an 8% rise in revenue to $257.7 million in Q1 FY2025, primarily driven by a 55% increase in Core Internet of Things (IoT) product sales. Furthermore, non-GAAP earnings per share (EPS) saw a substantial 56% growth to $0.81.
Synaptics also secured additional funding through the issuance of $50 million in aggregate principal amount of 0.75% Convertible Senior Notes due 2031. The company has also announced plans to increase its revolving credit capacity from $250 million to $350 million.
In addition, Synaptics revealed plans to introduce a Wi-Fi 7 device tailored for IoT and a capital allocation strategy focusing on organic growth, disciplined mergers and acquisitions, and a $150 million share repurchase plan. The company's Q2 FY2025 revenue is projected at approximately $265 million with non-GAAP gross margins expected at 53.5%. These are recent developments providing some insight into the company's current operations and future plans.
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