Vikram Gupta, Senior Vice President & General Manager of IoT/Processors and Chief Product Officer at Synaptics Inc. (NASDAQ:SYNA), recently sold 411 shares of the company’s common stock. The transaction, which took place on December 4, was executed at a price of $81.63 per share, amounting to a total value of $33,549.
This sale was conducted under a 10b5-1 Trading Plan, which was established on March 14, 2024, allowing for pre-planned stock transactions. Following this transaction, Gupta retains ownership of 40,795 shares in the company.
In other recent news, Synaptics Incorporated reported an 8% revenue increase to $257.7 million in Q1 FY2025, driven by a 55% rise in Core Internet of Things (IoT) product sales. Non-GAAP earnings per share (EPS) also experienced a 56% growth to $0.81. The company secured additional funding through the issuance of $50 million in aggregate principal amount of 0.75% Convertible Senior Notes due 2031, yielding net proceeds of approximately $48.6 million.
Synaptics also announced plans to offer $400 million in convertible senior notes due in 2031. Part of the proceeds will be used for capped call transactions and to repurchase shares of its common stock. The company also intends to enhance its financial flexibility by increasing its revolving credit capacity from $250 million to $350 million.
In addition, Synaptics disclosed plans to introduce a Wi-Fi 7 device tailored for IoT, with 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%.
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