Multiple Reasons for the Decline of Synaptics Incorporated (SYNA) in Q2
Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.20% compared to a 3.18% return for the Russell 2000 Value Index. The Fund returned 4.93% in the first half compared to 2.50% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund highlighted stocks like Synaptics Incorporated (NASDAQ:SYNA) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Synaptics Incorporated (NASDAQ:SYNA) develops and markets human interface semiconductor solutions for electronic devices and products. On September 12, 2023, Synaptics Incorporated (NASDAQ:SYNA) stock closed at $82.22 per share. One-month return of Synaptics Incorporated (NASDAQ:SYNA) was -8.05%, and its shares lost 25.30% of their value over the last 52 weeks. Synaptics Incorporated (NASDAQ:SYNA) has a market capitalization of $3.209 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Synaptics Incorporated (NASDAQ:SYNA) in its Q2 2023 investor letter:
"Synaptics Incorporated (NASDAQ:SYNA) is a developer of human interface (HMI) hardware and software that has diversified into higher margin internet of things (IoT) products. Synaptics was a top five contributor for the Fund in 2021 and we significantly trimmed the position due to valuation. The shares were back down in 2022 with concerns about consumer technology volumes, and in May, the company missed fiscal 23Q3 earnings. We have been incrementally buying back shares at lower prices."
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Synaptics Incorporated (NASDAQ:SYNA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Synaptics Incorporated (NASDAQ:SYNA) at the end of second quarter which was 28 in the previous quarter.
We discussed Synaptics Incorporated (NASDAQ:SYNA) in another article and shared FPA Queens Road Small Cap Value Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
