Is Synaptics, Incorporated (SYNA) A Good Stock To Buy?

Seeing as Synaptics, Incorporated (NASDAQ:SYNA) has witnessed falling interest from the smart money, we can see that there was a specific group of fund managers who sold off their positions entirely by the end of the third quarter. It’s worth mentioning that Noam Gottesman’s GLG Partners sold off the largest investment of all the hedgies watched by Insider Monkey, worth an estimated $16.1 million in stock, and Seymour Sy Kaufman and Michael Stark’s Crosslink Capital was right behind this move, as the fund sold off about $14.4 million worth. These moves are important to note, as total hedge fund interest was cut by 3 funds by the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Synaptics, Incorporated (NASDAQ:SYNA). We will take a look at Minerals Technologies Inc (NYSE:MTX), Sanmina Corp (NASDAQ:SANM), On Assignment, Inc. (NYSE:ASGN), and Novavax, Inc. (NASDAQ:NVAX). All of these stocks’ market caps resemble SYNA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
MTX 17 166520 1
SANM 20 102567 -1
ASGN 18 140014 0
NVAX 13 21521 -3

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $108 million. That figure was $207 million in SYNA’s case. Sanmina Corp (NASDAQ:SANM) is the most popular stock in this table. On the other hand Novavax, Inc. (NASDAQ:NVAX) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Synaptics, Incorporated (NASDAQ:SYNA) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.