Synaptics’ (SYNA) Buy Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Synaptics Inc. (NASDAQ:SYNA) in a research note released on Friday morning. Needham & Company LLC currently has a $65.00 price objective on the stock.
“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.”,” Needham & Company LLC’s analyst commented.
Other equities research analysts also recently issued reports about the stock. Craig Hallum cut their target price on shares of Synaptics from $85.00 to $70.00 and set a buy rating on the stock in a research note on Friday, July 29th. JPMorgan Chase & Co. reaffirmed a buy rating and set a $71.00 target price on shares of Synaptics in a research note on Wednesday, July 20th. Cowen and Company reiterated a buy rating on shares of Synaptics in a report on Friday, June 17th. Rosenblatt Securities reiterated a buy rating and set a $106.00 price target on shares of Synaptics in a report on Thursday, June 9th. Finally, Zacks Investment Research upgraded shares of Synaptics from a hold rating to a buy rating and set a $61.00 price target for the company in a report on Thursday, August 4th. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Synaptics presently has an average rating of Hold and an average target price of $76.33.
Synaptics (NASDAQ:SYNA) traded up 1.54% on Friday, hitting $67.32. 448,150 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $58.12 and its 200-day moving average price is $62.61. Synaptics has a 12-month low of $47.09 and a 12-month high of $94.48. The company has a market cap of $2.34 billion, a PE ratio of 35.25 and a beta of 1.76.
Synaptics (NASDAQ:SYNA) last announced its earnings results on Thursday, July 28th. The company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. Synaptics had a net margin of 4.33% and a return on equity of 18.44%. The firm had revenue of $323.90 million for the quarter, compared to the consensus estimate of $318.48 million. During the same period in the prior year, the firm earned $1.57 EPS. The firm’s revenue for the quarter was down 32.4% on a year-over-year basis. Analysts forecast that Synaptics will post $5.18 earnings per share for the current year.
In related news, insider Rick Bergman sold 10,000 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $58.29, for a total value of $582,900.00. Following the sale, the insider now directly owns 82,491 shares of the company’s stock, valued at approximately $4,808,400.39. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ritu Favre sold 3,259 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $53.09, for a total transaction of $173,020.31. Following the completion of the sale, the insider now directly owns 12,360 shares in the company, valued at $656,192.40. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Sandy Spring Bank boosted its stake in shares of Synaptics by 5.4% in the second quarter. Sandy Spring Bank now owns 1,950 shares of the company’s stock worth $105,000 after buying an additional 100 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Synaptics by 150.0% in the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the company’s stock worth $108,000 after buying an additional 1,200 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Synaptics by 70.4% in the second quarter. LS Investment Advisors LLC now owns 2,178 shares of the company’s stock worth $117,000 after buying an additional 900 shares during the last quarter. Kempen Capital Management N.V. acquired a new stake in shares of Synaptics during the second quarter worth approximately $148,000. Finally, DIAM Co. Ltd. acquired a new stake in shares of Synaptics during the second quarter worth approximately $149,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.
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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