Needham & Company LLC Reaffirms “Buy” Rating for Synaptics Inc. (SYNA)
Synaptics Inc. (NASDAQ:SYNA)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Friday. They currently have a $65.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential downside of 0.26% from the company’s current price.
The analysts wrote, “Synaptics announced today that its TDDI technology has been selected for the Samsung On5 and On7 smartphones (currently available in China, Southwest Asia, and Africa). This week, SYNA has also announced a series of TouchView TDDI wins including Huawei’s Nova smartphones and Xiaomi’s Mi 5s/5s Plus. SYNA’s TouchView combines touchscreen controller and display driver IC into a single chip in order to provide a slimmer, cheaper, and faster-to-market solution. Last month, we hosted investor meetings with Mr. Wajid Ali, CFO, and came away with a positive view of SYNA’s TDDI growth opportunity.””
Other analysts have also recently issued reports about the company. Rosenblatt Securities reissued a “buy” rating and issued a $106.00 target price on shares of Synaptics in a research note on Thursday, June 9th. Craig Hallum cut their price objective on Synaptics from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, July 29th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $71.00 price objective on shares of Synaptics in a research report on Wednesday, July 20th. Cowen and Company reaffirmed a “buy” rating on shares of Synaptics in a research report on Friday, June 17th. Finally, Zacks Investment Research raised Synaptics from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Thursday, August 4th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $76.33.
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Shares of Synaptics (NASDAQ:SYNA) traded down 0.09% during mid-day trading on Friday, hitting $65.11. The stock had a trading volume of 368,868 shares. The firm has a market cap of $2.27 billion, a PE ratio of 34.09 and a beta of 1.76. Synaptics has a 52-week low of $47.09 and a 52-week high of $94.48. The stock’s 50-day moving average price is $57.80 and its 200-day moving average price is $62.72.
Synaptics (NASDAQ:SYNA) last posted its earnings results on Thursday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. The company had revenue of $323.90 million for the quarter, compared to analysts’ expectations of $318.48 million. Synaptics had a return on equity of 18.44% and a net margin of 4.33%. Synaptics’s quarterly revenue was down 32.4% on a year-over-year basis. During the same period last year, the firm earned $1.57 earnings per share. On average, analysts anticipate that Synaptics will post $5.18 earnings per share for the current fiscal year.
In related news, insider Ritu Favre sold 3,259 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $53.09, for a total value of $173,020.31. Following the completion of the transaction, the insider now directly owns 12,360 shares in the company, valued at approximately $656,192.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John Mcfarland sold 2,778 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $60.00, for a total transaction of $166,680.00. Following the completion of the transaction, the senior vice president now owns 10,226 shares of the company’s stock, valued at $613,560. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in SYNA. Norges Bank purchased a new position in shares of Synaptics during the fourth quarter worth $33,908,000. Virginia Retirement System purchased a new position in shares of Synaptics during the first quarter worth $614,000. Pacad Investment Ltd. raised its position in shares of Synaptics by 77.1% in the first quarter. Pacad Investment Ltd. now owns 7,100 shares of the company’s stock worth $566,000 after buying an additional 3,090 shares during the last quarter. Ngam Advisors L.P. raised its position in shares of Synaptics by 18.9% in the first quarter. Ngam Advisors L.P. now owns 42,233 shares of the company’s stock worth $3,368,000 after buying an additional 6,704 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Synaptics by 11.2% in the first quarter. TIAA CREF Investment Management LLC now owns 131,624 shares of the company’s stock worth $10,496,000 after buying an additional 13,227 shares during the last quarter. Institutional investors own 89.77% of the company’s stock.
Synaptics Company Profile
Synaptics Incorporated developer and supplier of custom-designed human interface solutions that enable people to interact more easily and intuitively with a wide variety of mobile computing, communications, entertainment, and other electronic devices. The portfolio includes Display Driver ICs (DDICs) which drive high-performance displays for smartphones and tablets.
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