The Synaptics Inc. (SYNA) Receives Buy Rating from Needham & Company LLC

The Synaptics Inc. (SYNA) Receives Buy Rating from Needham & Company LLC

Synaptics Inc. (NASDAQ:SYNA)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Friday. They currently have a $65.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential downside of 0.26% from the stock’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.””

Several other research analysts also recently commented on SYNA. Rosenblatt Securities reaffirmed a “buy” rating and issued a $106.00 price target on shares of Synaptics in a research note on Thursday, June 9th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Synaptics in a research report on Wednesday, June 15th. Mizuho cut their target price on shares of Synaptics from $75.00 to $68.00 and set a “neutral” rating on the stock in a research report on Thursday, June 16th. Cowen and Company reissued a “buy” rating on shares of Synaptics in a research report on Friday, June 17th. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Synaptics in a research report on Thursday, June 16th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $76.33.

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Synaptics (NASDAQ:SYNA) traded up 1.63% on Friday, hitting $66.23. 582,330 shares of the stock traded hands. The company has a market capitalization of $2.31 billion, a PE ratio of 34.68 and a beta of 1.76. Synaptics has a 12 month low of $47.09 and a 12 month high of $94.48. The firm has a 50-day moving average price of $57.80 and a 200-day moving average price of $62.72.

Synaptics (NASDAQ:SYNA) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.46 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 the consensus estimate of $318.48 million. Synaptics had a net margin of 4.33% and a return on equity of 18.44%. The firm’s revenue was down 32.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. Analysts forecast that Synaptics will post $5.18 earnings per share for the current year.

In other Synaptics news, SVP John Mcfarland sold 2,778 shares of Synaptics stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $60.00, for a total transaction of $166,680.00. Following the completion of the sale, the senior vice president now directly owns 10,226 shares in the company, valued at approximately $613,560. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ritu Favre sold 3,259 shares of Synaptics stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $53.09, for a total transaction of $173,020.31. Following the sale, the insider now owns 12,360 shares of the company’s stock, valued at $656,192.40. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Capital Fund Management S.A. acquired a new stake in shares of Synaptics during the second quarter valued at approximately $13,155,000. Cambiar Investors LLC boosted its stake in shares of Synaptics by 6.0% in the second quarter. Cambiar Investors LLC now owns 613,223 shares of the company’s stock valued at $32,961,000 after buying an additional 34,827 shares during the last quarter. Norges Bank acquired a new stake in shares of Synaptics during the fourth quarter valued at approximately $33,908,000. Americafirst Capital Management LLC acquired a new stake in shares of Synaptics during the second quarter valued at approximately $241,000. Finally, 1st Global Advisors Inc. boosted its stake in shares of Synaptics by 9.7% in the second quarter. 1st Global Advisors Inc. now owns 8,874 shares of the company’s stock valued at $477,000 after buying an additional 784 shares during the last quarter. Institutional investors and hedge funds own 89.77% of the company’s stock.

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