Published On: Fri, Sep 9th, 2016

Synaptics’ (SYNA) Buy Rating Reiterated at Needham & Company LLC

Synaptics Inc. (NASDAQ:SYNA)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Friday. They presently have a $65.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 7.71% from the company’s previous close.
Several other equities research analysts have also recently weighed in on SYNA. Zacks Investment Research upgraded shares of Synaptics from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Wednesday. Pacific Crest reiterated a “sector perform” rating on shares of Synaptics in a research note on Monday, August 29th. TheStreet cut shares of Synaptics from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Craig Hallum reduced their target price on shares of Synaptics from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $71.00 target price on shares of Synaptics in a research note on Wednesday, July 20th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Synaptics presently has an average rating of “Hold” and a consensus price target of $76.33.
Shares of Synaptics (NASDAQ:SYNA) traded down 7.08% during trading on Friday, hitting $56.08. The stock had a trading volume of 557,299 shares. The stock’s 50-day moving average price is $55.34 and its 200 day moving average price is $66.26. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 29.36 and a beta of 1.64. Synaptics has a one year low of $47.09 and a one year high of $94.48.

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Synaptics (NASDAQ:SYNA) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.46. Synaptics had a net margin of 4.33% and a return on equity of 18.44%. The company earned $323.90 million during the quarter, compared to analysts’ expectations of $318.48 million. During the same period in the prior year, the company earned $1.57 earnings per share. The business’s quarterly revenue was down 32.4% compared to the same quarter last year. On average, equities analysts forecast that Synaptics will post $5.18 EPS for the current year.
In related news, insider Ritu Favre sold 3,259 shares of the firm’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 sale, the insider now owns 12,360 shares of the company’s stock, valued at $656,192.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John Mcfarland sold 2,778 shares of the firm’s 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 of the company’s stock, valued at approximately $613,560. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
Several hedge funds recently modified their holdings of the stock. Algert Global LLC bought a new stake in shares of Synaptics during the first quarter worth $262,000. Bancorpsouth Inc. bought a new stake in shares of Synaptics during the first quarter worth $209,000. Prudential Financial Inc. raised its stake in shares of Synaptics by 438.3% in the first quarter. Prudential Financial Inc. now owns 128,280 shares of the company’s stock worth $10,229,000 after buying an additional 104,450 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake 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 in the last quarter. Finally, Ngam Advisors L.P. boosted 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. 89.63% of the stock is owned by institutional investors and hedge funds.
About Synaptics
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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